Down as much as 2.9% at one point on Thursday, the S&P 500 came roaring back by the time the closing bell rang. As of Thursday, the upped edge of that trading range has been breached. • The trading range in question is, or was, between $62 and $68. That ceiling and floor are both plotted with a white dashed line on the daily chart. PLD hurdled that ceiling, again, yesterday. That’s exactly where a reversal should have taken shape. The right move could unleash a wave of bullishness that may quietly be pent-up here. However, the purple 50-day moving average line served as a floor — again — on Thursday. Kroger (KR) Finally, our last look at Kroger back on Oct. 24 pointed out the stock had just brushed a long-term support level and was likely to race back to an established resistance line. • The ceiling and support in question are plotted on both stock charts, but the weekly version better puts the range-bound framework in perspective.
Wow! What a comeback. Down as much as 2.9% at one point on Thursday, the S&P 500 came roaring back by the time the closing bell rang. The loss for the session was pared back to a palatable 0.15%.
Amazon.com (NASDAQ:AMZN) has to get most of the credit for leading the recovery effort. Shares of the e-commerce giant ended yesterday’s action up 1.9% mostly because traders love to love Amazon during busy shopping times.
At the other end of the spectrum, one can’t help but wonder if the market would have managed to climb all the way back into the black had it not been weighed down by Bank of America (NYSE:BAC) and Boeing (NYSE:BA). BofA was under pressure to the tune of 2.7%, along with most of its banking peers, on fears of what impact a more thorough interest rate inversion may have on its business. Aircraft icon Boeing, meanwhile, saw its shares slump 3.1% on worries that the China/U.S. trade war will escalate rather than abate.
Between Tuesday’s outrageous drubbing, Thursday’s bearish gap and yesterday’s stunning reversal, most trends developing on stock charts have been obliterated. From here, picking stocks requires a little more faith than usual. Still, the stock charts of Twitter (NYSE:TWTR), Prologis (NYSE:PLD) and Kroger (NYSE:KR) have dropped more than their fair share of hints about what lies ahead, and those clues are mostly bullish.
Prologis is a name that may ring a bell. We’ve examined it several times, with each look essentially focusing on the trading range that has bound it for the past several months.
As of Thursday, the upped edge of that trading range has been breached. Better yet, the circumstances of that move strongly underscores the likelihood of more upside.
• The trading range in question is, or was, between $62 and $68. That ceiling and floor are both plotted with a…