{"id":111824,"date":"2021-11-18T02:16:33","date_gmt":"2021-11-18T07:16:33","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=111824"},"modified":"2022-11-21T09:49:25","modified_gmt":"2022-11-21T14:49:25","slug":"chart-advisor-stocks-hit-resistance","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-stocks-hit-resistance\/","title":{"rendered":"Chart Advisor: Stocks Hit Resistance"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-wednesday-17th-november-2021\">Wednesday, 17th November, 2021<\/h2>\n\n\n\n<p><strong>1\/<\/strong>&nbsp;<strong>Bond prices rise as stocks pull back<\/strong><\/p>\n\n\n\n<p><strong>2\/&nbsp;Semiconductor industry on the mend? &nbsp;<\/strong><\/p>\n\n\n\n<p><strong>3<\/strong>\/&nbsp;<strong>Home Depot beats estimates<\/strong><\/p>\n\n\n\n<p><strong>4\/&nbsp;The bottom line<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-bond-prices-rise-as-stocks-pull-back\">1\/ <strong>Bond Prices Rise as Stocks Pull Back<\/strong><\/h2>\n\n\n\n<p>The benchmark S&amp;P 500 index (<a href=\"https:\/\/www.tradingview.com\/symbols\/SPX\/?utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25741825&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">SPX<\/a>)&nbsp;pulled&nbsp;back after matching former highs yesterday. This happened even as several major retailers reported stronger-than-expected earnings. Nearly every major asset class retreated, except for the iShares 20+ Year Treasury bond ETF (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=tlt&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25741825&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">TLT<\/a>). While TLT saw a one-day increase, State Street\u2019s S&amp;P 500 Index ETF (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=spy&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25741825&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">SPY<\/a>), Invesco\u2019s DB Commodity Index Fund (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=dbc&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25741825&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">DBC<\/a>), and Invesco\u2019s DB USD Index ETF (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=uup&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25741825&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">UUP<\/a>)&nbsp;all&nbsp;appear to be on relative upward trends.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Commodities and the U.S. dollar tend to have an&nbsp;<a href=\"https:\/\/www.investopedia.com\/terms\/i\/inverse-correlation.asp?utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25741825&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">inverse<\/a>&nbsp;relationship, so when one rises, the other falls. As the dollar rises in value, it takes fewer dollars to purchase a commodity, and thus its price falls. A falling dollar is bullish for commodities and stocks, since both are dollar denominated.&nbsp;&nbsp;<\/p>\n\n\n\n<p>During periods of economic expansion, bond prices and stocks move in opposite directions as they compete for capital. So even though TLT was the only asset class to post gains today, the real story could be interpreted from a wider view. The relative upward trends of SPY and DBC implies strong economic expansion, while the added upward trend of UUP could imply that inflation is lifting all asset classes at the same time.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/1-5-1100x587.png\" alt=\"\" class=\"wp-image-111827 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/587;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-semiconductor-industry-on-the-mend\">2\/ <strong>Semiconductor Industry on the Mend? &nbsp;&nbsp;<\/strong><\/h2>\n\n\n\n<p>Shares of Applied Materials (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=amat&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25741825&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">AMAT<\/a>)&nbsp;are&nbsp;on an upward trend ahead of the company\u2019s fiscal fourth-quarter earnings announcement, which is expected Thursday before the market opens. Analysts expect the company to report $1.96 in&nbsp;<a href=\"https:\/\/www.investopedia.com\/terms\/e\/eps.asp?utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25741825&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">earnings per share (EPS)<\/a>&nbsp;and $6.34 billion in revenue. As a supplier to chip companies, AMAT earnings could have big implications for the health of the semiconductor industry. Investors will be keeping an eye on how the company is able to manage supply chain issues as both a supplier and a vendor.&nbsp;<\/p>\n\n\n\n<p>The chart below compares the recent performance of AMAT with iShares\u2019 Semiconductor ETF (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=soxx&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25741825&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">SOXX<\/a>). As illustrated on the chart, AMAT and SOXX have moved relatively in line with each other recently. However, over the past year, SOXX has added 52%, while AMAT has climbed nearly 110%.&nbsp;<\/p>\n\n\n\n<p>Option traders appear to be positioned for AMAT to rise after earnings. That\u2019s because recent trading volumes for AMAT favored calls over puts at a rate of 2-to-1. While the open interest for AMAT features 189,000 calls compared to 272,000 puts, the single option with the highest open interest is the Nov. 19 $165 call. This represents a 6% upside in the current share price of AMAT, while straddle pricing implies a 4.3% move based on earnings.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/2-7-1100x587.png\" alt=\"\" class=\"wp-image-111828 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/587;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-home-depot-beats-estimates\">3\/ <strong>Home Depot Beats Estimates&nbsp;<\/strong><\/h2>\n\n\n\n<p>Investors have bid up the share prices of Home Depot (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=hd&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25741825&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">HD<\/a>)&nbsp;to&nbsp;new highs after the company beat Wall Street expectations for the third quarter. HD announced $3.92 in EPS and $36.82 billion in revenue, higher than the expected $3.40 in EPS and $35.01 billion in revenue. Same-store sales rose 6.1%, also ahead of analysts&#8217; expectations, as a strong housing market continues to add to the strength HD stock gained during the COVID-19 pandemic.&nbsp;&nbsp;<\/p>\n\n\n\n<p>HD continues to outpace State Street\u2019s Homebuilders ETF (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=xhb\" target=\"_blank\" rel=\"noreferrer noopener\">X<\/a><a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=xhb&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25741825&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">H<\/a><a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=xhb\" target=\"_blank\" rel=\"noreferrer noopener\">B<\/a>), as illustrated on the chart below. Both HD and XHB have been on a tear, adding 50% and 46%, respectively, year-to-date. Home prices have yet to significantly cool, which could continue to push existing homeowners to look toward home-improvement upgrades rather than moving. If this persists, it could help drive HD stock even higher than the recent highs that it achieved early in the trading session on Wednesday.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/3-5-1100x605.png\" alt=\"\" class=\"wp-image-111829 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/605;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-the-bottom-line\">4\/ <strong>The Bottom Line&nbsp;<\/strong><\/h2>\n\n\n\n<p>Yesterday the S&amp;P 500 index matched its previous highs from last week but pulled back today in a show of resistance. This may be part of the slow move upward for all asset classes during inflationary times.&nbsp;<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p> Originally posted on 17th November, 2021   <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The benchmark S&#038;P 500 index (SPX)\u00a0pulled\u00a0back after matching former highs yesterday. This happened even as several major retailers reported stronger-than-expected earnings.<\/p>\n","protected":false},"author":364,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,14,15,18,6,19,8,9,22,26,3],"tags":[2136,7867,2173,207,262,6609,7760,670],"contributors-categories":[13686],"class_list":{"0":"post-111824","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-commodities","7":"category-etfs","8":"category-fixed-income","9":"category-macro","10":"category-north-america","11":"category-options","12":"category-region","13":"category-securities","14":"category-stocks","15":"category-text-articles","16":"category-traders-insight","17":"tag-amat","18":"tag-dbc","19":"tag-soxx","20":"tag-spx","21":"tag-spy","22":"tag-tlt","23":"tag-uup","24":"tag-xhb","25":"contributors-categories-investopedia"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Chart Advisor: Stocks Hit Resistance | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"The benchmark S&amp;P 500 index (SPX)\u00a0pulled\u00a0back after matching former highs yesterday. 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