PLTR 

This is Scott with your Chart of the Day. I want to take a look at Palantir ( NYSE: PLTR ). Palantir ( NYSE: PLTR ) has been kind of a chop fest lately. As you can see, in the last couple of months or so it has been a lot of whippy up and down action. Whippy up and down action, whippy up and down action, and whippy up and down action.

Here’s the real important level that I believe lies on this chart. Now, if I zoom out here a little bit you can see this area here acted as resistance, and that kind of coincides with this area here. So if you want to avoid the whippy up and down action of Palantir ( NYSE: PLTR ) and kind of get out of that account volatility I think what you want to do is set an alert right under that 27.50 level.

I am going to set an alert here on my platform and basically what I am looking for is a move through and a close above 27.50 on higher than average volume. Now, if it can do that essentially it’s able to move out of 6 months of just sideways chop and that could potentially be the start of a new uptrend. That is a level that we are watching at StockMarketMentor.com. Consider setting an alert on your platform as well and we will see how it plays out.

WING SPY 

This is Scott with your Chart of the Day. I want to take a look at Wingstop ( NASDAQ: WING ). Now, maybe it’s because I didn’t get to eat lunch today, but I am taking a look at this chart and I think this chart is pretty promising. As you know, the S&P 500 ( NYSEARCA: SPY ) is in a very solid uptrend right here but it seems to be weakening a bit as we closed under the daily 8 exponential period moving average.

When that happens I start hunting for relative strength. I start hunting for stocks that are performing better than the overall market and today I found Wingstop ( NASDAQ: WING ). If I zoom out here you can see Wingstop ( NASDAQ: WING ) is actually in a really long base of consolidation that it just recently broke out of. It basically went sideways for about a year. And just today closed at an all-time closing high, so we are seeing some great relative strength within Wingstop ( NASDAQ: WING ).

Here on the chart, I can also draw some lines and you can see that this level has acted as resistance in the past. We couldn’t get above, we got rejected, didn’t even make it close, and then we kind of chopped around here for a little bit before the market pushed the stock higher. I like the fact that Wingstop ( NASDAQ: WING ) is making new highs while other stocks in the market are kind of creeping near some lows.

I think it is worth keeping an eye on Wingstop ( NASDAQ: WING ) and watch for a buyable pullback to this daily 8 exponent period moving average. It is making new highs on the daily chart and on the weekly chart is also making new highs. We want to pay attention to stocks that are making new highs when the market is a little touch and go at the moment. So keep an eye on Wingstop ( NASDAQ: WING ). I am watching for a buyable pullback to that daily 8 exponent period moving average.