20Mar11:03 amEST

Oozing Confidence

Some index weakness in front of the FOMC later today is driving home the point that this market continues to digest recent gains as we approach both the end of the month and first quarter of trading. It remains to be seen if the Fed is bold enough to talk up a hawkish game this afternoon, one which could spook markets, or instead if they themselves were scared enough last December to the point where they no longer wish to match wits with Mr. Market.

Either way, there still remain a plethora of intriguing charts out there oozing confidence in spite of any number of macro concerns. 

HyreCar and Snap are two charts we have looked at and/or traded with Members in recent weeks. Both HYRE and SNAP continue to act well, especially this morning in the face of a soft tape. HYRE has earnings next week, which will be an obvious test. But there is no denying the strength of the daily chart, first below. The innovative firm has clear tied to Uber and Lyft, and seems like it will be a proxy for them for a good while.

SNAP, second below on its daily, continues to improve above its 200-day moving average. I view another push over $11 as potentially triggering a fresh breakout as the stock (and company's) many skeptics may be overlooking the clear and unambiguous technical improvement the stock has made thus far in 2019. 

Stock Market Recap 03/19/19 ... Stock Market Recap 03/20/19 ...


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