Charts to Watch: SPX, OSCR, CVX

**SPEAKER_1** (0:00)
It's time now for Charts to Watch. Joining us right now, Kevin Horner, Senior Manager of Trading Services, Charles Schwab. Thank you so much for being with us. The S&P looks like it could post a third week of gains. It had its 27th record close yesterday, and I see about half of the sectors in the green today. What levels on the index are important to watch? What stands out to you, Kevin?

**Kevin Horner** (0:23)
Well, you know, we had a great breakout, obviously, Nicole, and I know that we bulls are all targeting that 8,000 level above the highs we've made this week, which are pretty close to 7,800, of course, and we want to get into that 8,000 level, but there's always a good chance for a recent, a really appropriate pullback, given the breakout we've seen. And so I've got a line in there that I'm watching. It's the 7620 level. Now, if you're a trader believing that there's more upside before any retracement occurs, well, then you might watch that 10 period moving average that's drawn in in that light blue color that's right below the price action of the last two weeks. And some traders would take a little off if we closed below that 10 day moving average in anticipation of a potential pullback to the former resistance at 7620, now potential support. In fact, I'd probably give it a little more of a range, something like 75, 70 up to 7620, about 50 points of potential support. So I think that bears watching on any weakness in the short run, but that's the kind of thing that happens commonly, Nicole. We get a breakout and then we come back to the breakout spot for a test and it's that successful test that will often bring new traders into the trend thereafter.

**SPEAKER_1** (1:37)
Understood. Let's talk about Oscar Health, which is having a good day. In fact, hitting a 52 week high, it's up over 120 percent year to date. It came out with quarterly numbers that beat the street, raised the guidance, it sold off on the earnings, but then went back into the uptrend and then hit this 52 week high. So when you look at the technicals, tell us the story and what you're watching.

**Kevin Horner** (1:59)
Couple of fun charts here on Oscar. I've got a daily and I've got a weekly. We're going to start with the daily. The thing that's intriguing on the daily, of course, is we're breaking out of a bit of a bull flag. It's a little lengthy. Now above us, what we have is targets if we can validate new highs here. So the close today over 33 or at 33 is going to look really bullish on the daily chart. The first target zone may be 35 at the 123.6% extension level on a Fibonacci draw from the peak to the trough that we made two weeks ago at 2550 Now what's also nice on this is we're just turning the corner with that MACD crossover at the zero line. That is a bullish indication as well, kind of validating the breakout and the potentiality for continued move to the upside. But the one I'm really excited about is the weekly chart. So if we can skip to that one, it's going to be the one that I think offers a little bit more intrigue for the trader of a technical nature.
So what I'm watching there, Nicole, here on the weekly, we broke out of a huge range. We had an $11 support and a $24 resistance that ran for about four years or so. And we busted that recently. We've built a bull flag. You can see that same thing that we're talking about on the daily here. That $37 level above is the potential target of this range break, right? If we take $13 range, add it to former resistance at $24, now potential support, it gives us the possibility of achieving $37.
The reason that that's so intriguing to me is that's the all time high. Going back to March of 2021 when the stock got going. So all time highs at $37, everything lining up from a mathematical approach, if you're looking at it from the weekly chart, all of that intrigues me quite a bit. Of course, through $37, a lot of traders are gonna be even more enthused.

**SPEAKER_1** (3:55)
All right, we appreciate your passion about the charts. And Chevron, last but not least, has been a winner this week, along with oil itself. We have the continued tensions in the Middle East, and the naval blockade continues there in Iran, and outside Iran, and the Strait of Hormuz. What is interesting to you about the Chevron stock?