Daily Stock Report

Marriott International - (MAR) - June 22, 2022

Hotel chain Marriott International’s (MAR) relative strength has been weakening since May. Yesterday, it tumbled out of the green zone and into the Yellow Neutral Zone of the SIA S&P 500 Index Report. The shares finished in 143rd place, down 52 spots on the day and down 69 positions in the last month. 

A decisive downturn is underway in Marriott International (MAR) shares. Last month, an uptrend failed when the shares completed a bearish Rising Wedge pattern. A bounce off of $150.00 failed at a lower high near $175.00 signaling the start of a new downtrend that was confirmed when the shares broke down below $150 on a jump in volume. 

With the shares under distribution, initial resistance has dropped toward the $150.00 breakdown point with next potential downside support in the $115.00 to $125.00 area based on previous lows. 

From December of 2020 through May of 2022, Marriott International (MAR) shares had been under accumulation, steadily advancing in a rising channel of higher highs and higher lows. That uptrend has now ended with the shares staging a decisive breakdown. In recent days, the shares have snapped an uptrend support line, completed bearish Double Bottom and Spread Double Bottom breakdowns and taken out the $150.00 round number, all combining to signal the start of a new downtrend. 

Based on previous column lows, a horizontal count and a longer-term uptrend line, downside support may appear near $129.70, $122.20, or $115.15 on trend. Initial resistance on a rebound appears near $155.00 based on a 3-box reversal and a retest of a recent breakdown point. 

With a bearish SMAX score of 1, MAR is exhibiting weakness against the asset classes. 

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