Hotelier Marriott International (MAR) continues to steadily march up the rankings within the Green Favored Zone of the SIA S&P 500 Index Report. Yesterday, it finished in 74th place, up 11 spots on the day and up 36 positions in the last month.
Hotelier Marriott International (MAR) continues to steadily march up the rankings within the Green Favored Zone of the SIA S&P 500 Index Report. Yesterday, it finished in 74th place, up 11 spots on the day and up 36 positions in the last month.
Back in December, a downtrend in Dow (DOW) shares bottomed out with a successful retest of support near $52.50. Since then, the shares have been steadily recovering in a Rising Channel of higher highs and higher lows. Dow snapped a downtrend line to signal the start of the current recovery trend and has staged a series of successful breakouts, the latest coming on Thursday when the shares blasted through $65.00 on a jump in volume, a sign of increasing investor interest.
In this issue of Equity Leaders Weekly, we take our monthly look at sector scopes and at what recent declines in Asia Pacific indices, particularly Japan, may be telling us about sentiment and risk tolerance toward international equities.
A classic bullish Flag pattern appears to be underway in lululemon (LULU) shares. After bottoming out near $275 last month, earlier this month, the shares broke out over $325 and blasted through their 50-day moving average on a big spike in volume, kicking off a rally (the first pole) that carried the shares up toward $375. The shares then paused for a couple of weeks near $375 (the flag part).
Back in March of 2020, a long-term downtrend in Kraft Heinz (KHC) shares bottomed out and was snapped in the summer of 2020. Since then, the shares have remained under accumulation and have been forming a large bullish ascending triangle base of higher lows below $43.50 resistance where a breakout would confirm the start of a new uptrend.
Back in February, a downtrend in Sandstorm Gold (SSL.TO) shares was contained by multiple tests of support near $7.00, and since then the shares have been under renewed accumulation. Earlier this year, the shares broke through $9.00, snapping a downtrend line and rallied up toward $10.00. Following a brief pause for a rest, SSL.TO has launched into a new upleg. Yesterday, it broke out of a base clearing $11.00 to trade at its highest level since October of 2020.
A major breakout is underway in Alimentation Couche-Tard (ATD.B) shares. Back in July of 2021, the shares completed a bullish Ascending Triangle pattern with a breakout over $45.00, a level that reversed polarity and became support while the shares moved into a higher range between there and $53.00. Last month, the shares successfully retested channel and long-term uptrend support and haven’t looked back since, soaring to new all-time highs above $55.00 and signalling the start of a new upleg by blasting through $53.00 which may reverse polarity to become initial support.
Cameco (CCO.TO) has been under renewed accumulation since February, steadily advancing in a Rising Channel of higher highs and higher lows. Last month, Cameco broke out over $35.00 to complete a bullish Ascending Triangle and then settled into a higher trading range between $32.50 and $37.50. Yesterday, they broke out again to another new high on an uptick in volume, indicated continuing investor interest and the start of a new upleg.
Technical conditions for Union Pacific (UNP) have weakened dramatically over the last week. Since peaking near $275 a few days ago, UNP shares have been rapidly losing ground on a spike in volumes, a sign of increased selling pressure. The shares have broken down below their 50-day moving average and snapped an upward line with a downward breakaway gap that also took the shares back under $250.
Equity market confidence has eroded over the last few days. While the threat that more sanctions could be levied on Russia over the Ukraine war has impacted European market action, here in North America, the focus of investors has turned back to the growing headwind of tightening monetary policy. In this week’s issue of Equity Leaders Weekly, we look at the implications of a major trend change in the US 30-year treasury yield, particularly for the homebuilding sector.
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