Comments include: ABNB, ADBE, SNOW, & SPCX.
| ABNB Airbnb, Inc. Class A ($175.24) - Leisure - ABNB broke a double top at $158 to complete a bulllish catapult as shares rallied to $176, marking the highest chart level since early 2022. The breakout follows a positive trend reversal to end July and will cause the market RS chart ot reverse into Xs, increasing the stock to a 3 for 5'er in technical attribute rating. This action places the stock within overbought territory, so those seeking exposure are best to look for price consolidation and a normalization of the 10-week trading band before considering. Prior resistance in the $160s may be seen as initial support, while additional can be found at $150. |
| ADBE Adobe Systems Incorporated ($265.22) - Software - Shares of ADBE pushed higher on Friday, moving to its second consecutive buy signal. The stock moved into a positive trend and regained some near-term relative strength, bringing it into hold territory as a for 5'er. That said, ADBE still lacks long-term relative strength, so watch for sustained improvement before adding. Resistance lies closely ahead at $272 and $284. |
| SNOW Snowflake, Inc. Class A ($327.25) - Software - Shares of SNOW have rallied significantly over the last several weeks, with it moving to its second consecutive buy signal. The now 5 for 5'er regained market relative strength, taking it back into strong buy territory. That said, the stock is in overbought territory, so investors on the sideline should wait for pullback or consolidation before adding. Initial support lies at $308 and $256. |
| SPCX Space Exploration Technologies Corp. Class A ($131.35) - Aerospace Airline - SPCX pushed higher today, rallying roughly 15% to break a double top at $128 for its second consecutive buy signal this week. Despite this near-term strength, SPCX is a 0 for 5'er that remains in a long-term negative trend with weak relative strength against the market. Still, the recent action shows demand starting to reassert itself, and the stock looks poised to reverse into a column of Xs on its RS charts against both the market and its peers, a move that would recapture a TA attribute and lift it to a 2 for 5'er. The weight of the technical evidence is weak here but showing early signs of improvement. Traders should wait for that relative strength confirmation and a positive trend flip before committing long exposure. Support can be seen at $106. |
