Delivery Status:
As the discussion rages on whether a recession is near, remember they are always backward-looking as you will not know until 2 consecutive quarters of negative GDP, some stocks are better at giving clues than others. The daily chart below of FDX which is now 22% off its most recent 52-week highs from last summer is one of them. Some rare doji candles may be telling the story, and the one last week could be saying the selling pressure is abating. Its WEEKLY chart shows a triple top at the very round 300 number with bearish candles (and just one WEEKLY CLOSE above 300, marginally so the week ending 7/19) at the level and a potential bearish rounded top. Notice the stock has not put up back-to-back WEEKLY gains since the end of last November. UPS has been acting a bit better, up 3% over the last one month period compared to FDX down 8%, (not to mention that juicy dividend yield of 5.5%) but both of them are well below their 200-day SMAs (UPS gave 2 chances to short into the nasty large bearish filled in black candle from 10/24). Both were higher on a soft tape Tuesday, perhaps a tell but their action over the next few weeks could be very important.