Rocket Launch:
The next passenger on Jeff Bezos’ Blue Origin space flight may be his own stock. The MONTHLY chart below is not budging from a potential long cup base pattern that began exactly three years ago. Although it exposes some dubious candles with spinning tops the last 3 months bears have been unable to press this name lower. One must respect that it has advanced 13 of the last 15 months and is not backing down from its current altitude. The WEEKLY chart has a familiar look to it with tight consolidation the last few months digesting the big move from last November through April. Notice it did the same thing after a nice advance in the first 8 months of 2023. Deja vu? This name makes up almost one-quarter of the XLY, almost double that of number 2 holding in TSLA, and a breakout above the MONTHLY cup has 6 sessions left in June. The name could be waiting for July as it has averaged a gain of more than 10% the last 4 years CLOSING higher than where the month started 3 of the last 4. We are nearly halfway through 2024 and the consumer discretionary space is just the 10th best major S&P sector out of 11 barely above the UNCH line.