Though the market didn’t fully recoup its losses suffered earlier in the week, stocks at least finished the week on a high note. Following through on Thursday’s intraday reversal, the S&P 500 rallied 1.42% on Friday.
Apple (NASDAQ:AAPL) led the charge, rallying 2.8% on word that it’s ramping up production of iPhones by 10%. The assumption is that demand for the aging device is more robust than recently believed.
Clorox (NYSE:CLX) fared even better, albeit with a smaller net impact, rising 3% after investors had time to digest Thursday’s announcement. Although the dialed-back profit outlook for the full year spooked shareholders, investors decided the company’s new revitalization program called IGNITE holds promise.
Holding the market back more than most other names was HP (NYSE:HPQ), which fell nearly 10% in response to a bold but dangerous new strategy. A key component of the new plan includes higher priced printers and less flexibility in terms of printing supplies.
Headed into the new trading week, however, it’s stock charts of Tyson Foods (NYSE:TSN), Nvidia (NASDAQ:NVDA) and Dentsply Sirona (NASDAQ:XRAY) that deserve closer looks. Here’s why.
Nvidia (NVDA)
When we last looked at Nvidia back on August 23rd, shares were knocking on the door of a break above a key technical ceiling. That ceiling, in fact, was the upper, falling boundary of a converging wedge shape.
It took a little more time and a lot more effort, but that finally happened. In early September NVDA broke above that resistance. The move cooled off a few days later, but that breakout was renewed this past week with a pushoff from a pivotal technical floor.
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Dentsply Sirona (XRAY)
With nothing more than a passing glance Dentsply Sirona shares look volatile, to the point of being unpredictable. A closer second look at XRAY stock, however makes clear that there’s been a method to the madness. Dentsply is finding support at the places it most needs to find it.
On the flipside, so far, XRAY shares are bumping into well-established technical resistance. A move above that technical ceiling could prove catalytic, though there’s one more hurdle above that one.
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Tyson Foods (TSN)
Tyson Foods shares started the year out with a bang. But, since May, has been erratic and choppy. So far it’s still held up, finding support at what have turned into well-established technical floors. The way TSN shares continue to chip away at that support, however, brings that prospect closer every day. What failed to happen last month makes it all the more likely.
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As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can learn more about him at his website jamesbrumley.com, or follow him on Twitter, at @jbrumley.
