In this briefing:
- Silverlake Axis Rally Ignition and Hurdles
- Amorepacific Corp Fresh Basing Levels
- U.S. Tech Stocks Are Leading Market Higher.
1. Silverlake Axis Rally Ignition and Hurdles
Silverlake Axis (SILV SP) triggered a buy above the triangle formation break at 0.43 and the daily MACD barrier outlined in our recent update Silver Lake Bottom Targets . The pick up in buy volumes were noted as an underlying positive as rally energy started to take shape.
Buy volumes have picked up nicely after noted accumulation in late 2018.
The failure to reach for a final low has set in motion the rally toward medium term pivot resistance and more importantly a test on the higher end of the intermediate range.
Near term, this rally is looking extended. We like buying weakness for a press through pocket resistance. Silverlake rallies tend to be explosive.
2. Amorepacific Corp Fresh Basing Levels
Amorepacific Corp (090430 KS) break below 248k triple low support induced a hard cycle lower that needs more time to base before mending the technical damage.
Our last update Working Back into Amorepacific Long outlined a buy near 255k support with a stop at 248k. That break of 248k set in motion a bigger down cycle.
Recent rise has been on deteriorating volumes which aligns with current bounce attempts falling into the corrective camp with the major trend still remains down.
In this webcast we outline Ideal downside projections and support that would initiate a fresh basing cycle ahead of a new up cycle. More time is needed.
3. U.S. Tech Stocks Are Leading Market Higher.
The S&P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement. Technology in particular continues to top our Sector RSR rankings, fueled by strengthening price and RS action for semiconductors, semi-suppliers, and numerous Software groups. Last week we upgraded our weighting for Technology and its strength continues to broaden out. In this week’s report we highlight a number of actionable Technology stocks across our various Groups.
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