The Cycles Research scan of the S&P 100 has identified two large-cap stocks that are standing out in terms of relative strength and price cycles. One of these stocks is Disney (DIS), which is not overbought on a monthly basis and shows a constructive development with higher lows in momentum. The monthly price has broken out from a falling wedge formation, and the relative strength has reversed a three-year downtrend. The stock is expected to reach $150 by the end of the year, with the monthly cycle confirming a positive technical picture through 2024.
In the financial sector, American Express (AXP) is showing promise as well. Price has broken out of rectangles in both the weekly and monthly strips, indicating a potential price over $250 later in 2024. The relative strength is approaching its old highs from 2023 and 2022. The monthly histogram shows that April has historically been a strong month for AXP shares, with gains likely to continue as the sector gains strength.
Both Disney and American Express are demonstrating strong technical patterns and are expected to see continued growth in the coming months. Disney’s breakout from a falling wedge formation and upward momentum suggest a price target of $150 by yearend, while American Express’s breakout from rectangles and approaching old highs in relative strength support a price over $250 later in 2024. Investors looking for stocks with strong relative strength and positive price cycles may want to consider adding these two stocks to their portfolios.
Overall, the Cycles Research scan of the S&P 100 has identified two standout stocks in the financial sector: Disney and American Express. Both stocks are large-cap and show promising technical patterns, with Disney expected to reach $150 by the end of the year and American Express potentially hitting a price over $250 later in 2024. Investors may want to pay attention to these stocks as they continue to exhibit strong relative strength and positive price cycles in the coming months.
While the technology sector often dominates stock market discussions, these two non-tech stocks are proving to be solid choices for investors looking for stocks with strong relative strength and positive price cycles. Disney and American Express both show promising technical patterns and potential for growth in the financial sector, making them worth considering for investors seeking to diversify their portfolios and capitalize on opportunities outside of the technology sector.
