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This post provides quick technical hits for the S&P 500, NASDAQ 100, and WTI Crude Oil . The S&P 500 (SPX) is holding tactical support on its daily Bollinger Bands chart (Nov 28 The Chart Check ) defined by the rising 20-day moving average (center line of the Bollinger Bands) and at 6783 and previous resistance at 6775-6765 as the index traces out a potential late October into December bullish cup and handle pattern. If completed on a breakout to new highs, the cup and hand

Southwest Airlines (LUV) has rallied out of a 3-year big base on the move above 38.27-37.96 (38.2% retracement of the 2021-2023 decline and mid 2025 peak) to test the 50% retracement at 43.33. Dips that hold above or near the 38-37 area keep the big base breakout intact and pattern bullish for LUV with additional upside potential to 48.38 (61.8% retracement) and 54 (pattern count). LUV is attempting to break out from a mid 2024 into late 2025 bottoming pattern relative to th

We received a question on NXP Semiconductors (NXPI). NXPI has been a laggard but one that has improved in recent weeks after defending the 61.8% retracement of the April to August rally at 183.74 in late November. Holding the strengthening weekly moving averages, 38.2% retracement, and a chart levels from 218.85 down to 203.24 would suggest a more constructive pattern that resembles the setup from late 2022 into early 2023. If the 218-203 area holds, the potential would buil

We flagged the potential for a massive base on Newmont Corp (NEM) in this blog on September 11 along with bullish setups for Agnico Eagle Mines (AEM), Compania de Minas Buenaventura S.A.A (BVN), Fortuna Mining (FSM), and Silvercorp Metals (SVM) . Pan American Silver (PAAS) also has a big base. We address NEM, PAAS, and SVM below. Newmont Corp (NEM)  has broken out from its massive 38-year big base and tested a measured move target at 100. However, while above the 86-82 ar

*** Please see the bottom of this report for important disclaimers and disclosures.*** SPX stalls but breadth positive, EMB vs. AGG, NDX, and TSLA SPX has struggled in December but breadth solid on new highs for A-D line The S&P 500 (SPX) has struggled with a month-to-date December decline of 0.48%, but December seasonality is bullish (Nov 28 The Chart Check ) and positive breadth remains a potential bullish leading indicator for new highs on the SPX (Dec 12 The Chart Check

We received a question on Iberdrola S.A. (IBDRY) , an ADR for an electric utilities company based in Spain. IBDRY broke out from a massive cup and handle big base dating back to mid 2008 earlier this year and has since achieved new highs above the prior peak from November 2007 at 72. This is a longer-term bullish setup. IBDRY has tested the first target area from 84 to 88, which is 100% extension of the rally from the mid 2012 cup low to the early 2021 handle peak projected f

WTI Crude Oil futures remain under pressure within a weak trend after the 38.2% and 61.8% retracements of the late September–late October decline capped upside between 59.95 and 64.42 from late October through early December. Renewed weakness after testing these retracements as resistance is approaching key support at the late October and May/April lows from 55.96 down to 55.30-55.12. Chart 1: WTI Crude Oil futures: Daily Sitting just below the 55.95-55.12 support highlighted

We flagged Wayfair (W) as a stock positioned to break out from a 2022–2025 big base pattern in Straight from the Chart on September 29. W broke out from this big base in late October and retested the breakout last week. Continuing to hold the 92-90 area would solidify the bullish setup for W with upside potential beyond the stock's November highs at 114.64-114.92 toward the big base pattern count and 38.2% retracement of the January 2021-April 2025 decline in the low 150s (1

We received a question regarding the SPDR S&P Biotech ETF (XBI) after Friday's (12/12) post on the iShares Biotechnology ETF (IBB) . Both XBI and IBB have bullish breakouts from 2022-2025 big bases that support the case for more upside, but the relative ratio chart suggests that XBI can continue to outperform IBB. XBI is firmly bullish above a risk management support level at 118.28-117.10 (50% retracement of the February 2021 to May 2022 decline and the late November bullis

*** Please see the bottom of this report for important disclaimers and disclosures.*** Solid sector breadth month-to-date, XLF, KRE, XLI, and MOO Broad-based sector breadth and leadership month-to-date in December The S&P 500 (SPX) is down 0.32% month-to-date (MTD) in December, but eight of the 11 GICS level 1 sector ETFs are positive MTD and beating the SPX. This corroborates the bullish breadth signals highlighted last week (Dec 12 The Chart Check ). Financials, Discretion

This post highlights the Tactical and 52-week Ranks for the S&P 500 GICS level 1 sector ETFs . The Top Five Tactical Ranks are Healthcare, Technology, Consumer Discretionary, Communication Services, and Financials. Technology has ranked either first or second over the last 10 weeks and is the only sector with a consistent top five tactical rank over the last 10 weeks. The Bottom Five Tactical Ranks are Real Estate, Utilities, Consumer Staples, Materials, and Energy. Stapl

We received a request to look at the charts for VEU and GNR. In summary, the Vanguard FTSE All World Ex US ETF (VEU) is bullish and has achieved a breakout from a massive base going back to 2007. The SSgA Active Trust - SPDR S&P Global Natural Resources ETF (GNR) is positioning to break higher from a big cup and handle basing pattern going back to early 2011. The mid 2025 breakout for Vanguard FTSE All World Ex US ETF (VEU)  from a massive base going back to 2008 rhymes wit

The iShares Biotechnology ETF (IBB) has paused after a test of the 174-177 area highs from 2021. This dip could form a bullish flag - meaning that IBB's uptrend should resume and surpass those highs with upside potential to the big base pattern count at 192. Holding the upper to mid 160s would maintain the developing bullish flag. A decisive rally above the 13-day moving average and upper flag downtrend line near 170.76 (171) would confirm the flag and support the case for fu

Question: What is the technical outlook for NextEra (NEE)? I think you might have mentioned this on a call... Thanks. Yes, we have been watching NextEra Energy Inc. (NEE) within the Utilities sector with our eyes on a potential big base. A decisive rally above 86.10–87.53 (pattern neckline and recent spike high) is needed to confirm this bullish setup and suggest further upside beyond the 2022-2021 peaks at 91.35-93.73 toward 100.67 (100% extension of the October 2023-Octob

Question: Is DIS improving? Yes, The Walt Disney Co. (DIS) is improving and remains within the developing big base dating back to mid 2022 noted in the August 26 The Stock Pulse report. The early July to late November pullback held an important support at the declining 200-week moving average (WMA) and the 50% retracement of the April-July rally in the 103 to 102 area. In our view, continuing to hold 103-102 would bode well the larger base-building process for DIS. The sto

*** Please see the bottom of this report for important disclaimers and disclosures.*** Cups and handles, bullish breadth, GLD, GDX, GDXJ, and SIL SPX: Tactical cup and handle pattern supports upside to 7200-7300 As highlighted in our Straight from the Chart  blog, the S&P 500 (SPX) is forming a tactical cup and handle. A decisive breakout above chart resistance and the late October high at 6870-6920 would confirm this bullish pattern and favor upside to 7200-7300 into yearen

The traditional Dow Theory , using the Dow Jones Industrial Average and the Dow Jones Transportation Average , generated a buy signal in mid-May, and a new closing-basis high for the Industrials as of Thursday’s (12/11) close confirms the earlier highs on the Transports. This reinforces the primary bull market signal under this version of Dow Theory and provides a bullish backdrop for U.S. equities. The prior bullish confirmation occurred on November 12, when the Transports

Broadcom (AVGO) is trending higher within absolute and relative price uptrends heading into earnings, which the company is scheduled to report after today’s (12/11) market close. This setup supports the case for buying dips. On a positive earnings release, the mid-September to mid-October bullish wedge breakout projects upside into the 416–440 range based on a 100% extension and pattern count. The rising channel on the daily chart projects even further toward 460–480 into mi

We got a request to update the chart for CIENA Corp. (CIEN) , which is indicated higher pre-open after this morning's earnings release. Our Straight from the Chart blog flagged a 24-year big base in the making on October 9. The October rally above 154-157 (October 2001 high and a 161.8% Fibonacci extension) put in a 24-year big base for CIEN with longer-term upside potential to 300. Fibonacci retracement targets from the 2000 peak to the 2009 low come in at 406 (38.2%), 530

The NASDAQ (NDX) advance-decline (A-D) and volume A-D lines reached new highs yesterday. New highs for price and volume breadth suggest both participation and accumulation, which is a positive signal and bullish leading indicator for new highs above the late October high of 26,182 on the NDX. Chart 1: NASDAQ 100 (top) and the NASDAQ 100 advance-decline line (bottom) Chart 2: NASDAQ 100 (top) and the NASDAQ 100 volume advance-decline line (bottom) A developing bullish cup and