Jim, the daily chart is interesting on AMAT. Friday's trading pattern is called a Spinning Top. This is a pattern that indicates indecision. Neither the bulls nor the bears know which way to turn. Triple Witching may have had something to do with this pattern occurring.
stockcharts.com[l,a]declyymy[pb50!b200!d20,2!f][vc60][iut!Ub14!Ua12,26,9!Lk14!Ll14!Lc20!Lh14,3!Lg]
AMAT broke support at 50 on the Relative Strength Indicator (RSI) and the MACD line crossed down over the 9day EMA line earlier in the week. These are both sell signals.
The Williams %R, which can be early, is indicating AMAT is nearing oversold range.
The stock has been under distribution but the selling isn't considered heavy at this point.
Backing out to the weekly chart, it shows AMAT breaking down as well.
stockcharts.com[l,a]weclyymy[pb50!b200!d20,2!f][vc60][iut!Ub14!Ua12,26,9!Lk14!Ll14!Lc20!Lh14,3!Lg]
Monday's trading is critical to the near term trading pattern for AMAT.
On another subject, I'm of the opinion the market starts factoring in a 50 basis point cut soon. How's that? <G>
dabum |
