- ALL broke down below is very consistent 7-month uptrend line in May. ALL had rallied almost 70% in 8 months to its apex in April. The zoom chart reveals that ALL has formed a pattern of lower highs and lower lows = downtrend. The weekly shows that the next level of long-term support is 134 or 17% below Tuesday’s close.
RRG analysis shows that ALL has lost relative strength and relative momentum; moving from the extremes of the Leading quadrant to the Weakening quadrant, and headed from the Lagging quadrant. (RRG below)
- TRV fell below its 5-month uptrend line in April after climbing 48% from the October 2023 lows to the April 2024 highs. The Zoom chart reveals that TRV has had a significant break. The first was in early April of the uptrend, and the second was in late April. The second break included a huge gap-down day that filled the January gap up. TRV has established a clear downtrend. The weekly shows that long-term uptrend support is more than 20% lower than Tuesday’s close at the 160 level.
RRG analysis shows that TRV has lost relative strength and relative momentum; moving from the Leading quadrant, through the Weakening quadrant, and into the Lagging quadrant. (RRG below)
Jeff Marcus founded Turning Point Analytics (TPA) in 2009 after 25 years on trading desks and 13 years as a head trader to provide strategic and technical research to institutional clients. Turning Point Analytics (TPA) provides a unique strategy that works as an overlay to clients’ good fundamental analysis. After 10 years of serving only large institutions, TPA now offers its research services to mid and small managers, RIA’s, and wealthy sophisticated individuals looking for a way to increase their returns and outperform their peers.
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