24/7 Wall St. has partnered with The Chart Lab to bring regular reviews of the strongest and weakest stock charts in the S&P 500 Index. This weekend’s review is tracking the strongest stock charts as the following: AutoZone Inc. (AZO); Crown Castle International Corp. (NYSE: CCI); Chipotle Mexican Grill, Inc. (NYSE: CMG); FMC Corp. (NYSE: FMC); Gap, Inc. (NYSE: GPS); PPG Industries Inc. (NYSE: PPG); Red Hat, Inc. (NYSE: RHT); Total System Services, Inc. (NYSE: TSS); Visa, Inc. (NYSE: V); and Whole Foods Market, Inc. (NASDAQ: WFM).
The biggest questions to ask are 1) what makes these stock charts strong? and 2) what does it mean going forward? ChartLabPro.com’s algorithms use a quantitative approach that aim to forecast patterns by identifying consistent investment themes. The methodology uses over 200 indicators and scores them to locate trends in their early stages constantly running scenarios to locate inefficiencies and trends in stocks. Only four of the ten strongest stock charts were in the top ten strongest charts last week.
The current chart shows the year-to-date gains, prices for support and resistance on each stock, as well as an indication of just how strong each 5-rating or “strong buy” on a short-term trend. The strongest stock charts are never based solely on year-to-date performance but on more recent patterns. This aims to put the longer-term trends into a better short-term picture for the more active traders out there. The top 10 names on average are up 25.78% year-to-date and up 1.57% month-to-date. Compares that to the S&P 500 Index with gains of 8.2% year-to-date and a loss of -2.74% month-to-date.
You can click on the chart included here to open and expand it to a larger resolution for easier viewing.
The results here generate visual and contextual results for technical trading analysis and trading opportunities based upon custom criteria for investors. You can try the Chartlabpro.com for 30 days using promo code Chartp2p8i.
You can also see the five strongest and five weakest technology sector stock charts from the S&P 500 Index here as of Friday.