Here’s the level Scott is watching on $BJ – September 27, 2022
BJ SPY
This is Scott with your Chart of the Day. Despite the market breaking the June lows today, you can see here on the SPY ( NYSEARCA: SPY ), we broke below the June lows, had a weak close, higher than average volume, and everything looks like it is going to zero. BJ ( NYSE: BJ ) is actually still in a nice uptrend.
This is BJ’s Wholesale Club Holdings ( NYSE: BJ ). You can see here on the chart, it’s above all the key moving averages, and has pretty clear support right at that 50-day moving average. And again, despite the market really, kind of, puking the last couple of days, this has had a really nice orderly pullback to the 8 and the 21-day.
And so this is a stock I definitely want to keep an eye on. I am going to set an alert on my software right around this high. I want to see it break above and hold above that 76.30 zone. Again, even though the market closed near the lows BJ ( NYSE: BJ ) closed near the highs. So maybe there is something fundamental going on with the company.
Maybe the market thinks people are going to be shopping at discount stores more. I don’t know, I just know the chart looks okay and I wanted to share it with you. So maybe set an alert on your software at around 76.30 and watch for a strong move above that level and a close above coming on higher than average volume.
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