S&P time for a pull back
June 3, 2014
Σε κρίσιμο σταυροδρόμι το Χρηματιστήριο Αθηνών
June 11, 2014

My free daily analysis today is focused in four equities traded in the US that I have been analysing and sharing my view through Stocktwits and in more detail through my US Daily strategy newsletter for subscribers.

MICROSOFT

MSFT has recently broken out of its triangle consolidation and has also back tested yesterday the support by the Ichimoku cloud as shown in the chart below. MSFT is in bullish trend confirmed and heading towards new highs. MSFT has back tested the broken trend line resistance and looks strong enough to start a new upward move that could bring stock price near 43-44$ at least.

msft

LNKD

Linkedin has been on our focus for some time now. While I initially saw this equity as a bearish candidate near 195$ targeting 170$, I received lots of criticism being bearish. I did not expect LNKD to fall as low as 136$ but after watching closely, I saw what you will see in the chart below and this made me alert my subscribers of the US daily strategy newsletter that important support was found and it was time for a reversal.

LNKDMONTHLY

LNKD is not in  a clear up trend in the short-term. LNKD needs to break above 158$ and 170$ in the daily chart in order for trend to turn bullish. Breaking above 158$ will be the first step but the most important hurdle is the Ichimoku cloud at 170$-172$.

lnkd

IWM

IWM was witnessed as a lagging index tracking ETF and taking into account the overlapping decline from its yearly highs, together with the double bottom at 107$, the bullish potential of this index was and still is huge if markets do not change their intermediate to long-term trend.

iwm

IWM is making higher highs and higher lows after bottoming near 107$. Price has just closed above the Ichimoku cloud resistance in the daily chart. Bulls will need to keep price closing above this cloud that is now support and I believe there is increased possibility to see new highs towards 125-130$.

THC

THC has given a weekly buy signal yesterday and assuming that we do not see a strong downward reversal, then this signal will be valid. Of course we want next week to close above 49$ but I believe the long-term sideways consolidation is finally over.

thc

Tenet Healthcare remains above the Ichimoku cloud support in the weekly chart and has broken to new highs. I believe we are in the early stages of this new upward move that started at 38$ and as long as price is above 42-43$ I remain bullish.

My portfolio management accounts have open long positions in MSFT, IWM and will be looking to enter LNKD again as I exited higher and open new long position in THC.

As always, thank you for taking the time to read my new post.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.