Micron Technology

  • MU

  • $99.38

  • -2.62%

  • $101.40

  • $101.98

  • $98.90

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Daily Technical Strategy
Thu, October 3, 2024 | 7:02PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy

Consumer Discretionary breakout vs. Consumer Staples is seen as positive

SHORT-TERM US EQUITY TRENDS HAVE STILL GRINDED LARGELY SIDEWAYS IN RECENT WEEKS FOLLOWING THE BULLISH BREAKOUT BACK TO NEW ALL-TIME HIGHS FOR SPX AND DJIA.  ...

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Live Technical Stock Analysis
Thu, October 3, 2024 | 4:00PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy

LIVE Technical Stock Analysis October 2024

Mark will be conducting a live Webinar session for the most popular stocks requested by our subscribers. Mark will give his quick take (45 sec-1-minute...

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Thu, October 3, 2024 | 12:16PM ET

⚡ FlashInsights

Thu, October 3, 2024 | 12:16PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
NVDA -1.63%  pattern is not unlike AAPL 0.68%  and at a combined 10% of SPX, is at least part of the reason for a bit of slowdown in the Tech trade lately. (Both AAPL and NVDA have traded in range-bound symmetrical triangles since July) As seen, this triangle pattern requires a move over 126.50 for a breakout (and this is the likely outcome) and today's rally to multi-day highs has provided a bit of a short-term spark for Technology (While Equal-weighted Tech is just fractionally positive, XLK is up +0.55%, due largely to NVDA, PLTR 0.54% , AMD -0.13% , CRWD -0.11% , and MU -2.62%  outperformance, all of which are higher by more than 2%. NVDA looks appealing here ahead of its breakout, and movement above 126.50 should result in acceleration that leads this back to new highs, technically.
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Mon, September 16, 2024 | 12:01PM ET

⚡ FlashInsights

Mon, September 16, 2024 | 12:01PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥
Heading into Europe's close, we see a moderate rally in US Equities that has been largely disguised by weakness in AAPL 0.68%  which is falling by the most it has in a month. While Equal-weighted S&P 500 did rise to a record high today early in trading before giving back some of these gains, 10 of 11 sectors are higher today on an Equal-weighted basis, with only Technology being dragged down. This Tech weakness isn't as apparent when eyeing RYT which is just lower by -0.26% but XLK -0.40%  is down -0.67% as AAPL along with SKYW -0.71% , QRVO -1.26%  MU -2.62% , TER -0.35% , and AVGO -2.29%  are all down more than 3%. Thus, Semiconductors are down, but the broader market is acting fine, with Financials, Energy, REITS and Utilities all higher by more than +0.50% and even Healthcare is up by +0.47%. Overall, it's important to recognize that the US stock market is made up by more than just AAPL 0.68% , but Technology's negative performance today is dragging down the major US Benchmark indices like SPX and NASDAQ, while DJIA is positive, DJ Transportation Avg is positive and RSP -0.02%  is higher by over +0.30%.
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