TJX Companies Inc - (TJX) - November 17, 2022 (Daily Stock Report)




In what appears to be a sign of the times, some countercyclical stocks such as bargain retailer TJX Companies (TJX) owner of the Winners, HomeSense and Marshalls chains, have been outperforming their peers. After spending two years stuck in the red zone, TJX has been steadily working its way back up the relative strength rankings in the SIA S&P 500 Index Report since April and recently returned to the Green Favored Zone for the first time since March of 2020. Yesterday it finished in 65th position, up 22 places on the day and up 57 spots in the last month.

A major breakout is underway in TJX Companies (TJX) shares. Back in July, TJX bottomed out with a successful retest of support near $55.00. Since then, they have been under renewed accumulation, snapping out of a previous downtrend and establishing a new uptrend of higher lows. A breakout over $67.50 last month completed a bullish Ascending Triangle base, and this month, accumulation has accelerated with TJX breaking out to a new all-time high on a surge in volume.

Measured moves suggest potential upside resistance near $82.50 then $95.00 on trend. Initial support appears near the $75.00 breakout point, then an uptrend line closer to $70.00.


A long-term uptrend in TJX Companies (TJX) appears to have resumed. Back in July, a six-month downswing was contained near $55.00, a previous breakout point, establishing a higher low. The shares resumed their upward course in August, and accumulation appears to have really accelerated in the last month with TJX completing bullish Double Top and Spread Double Top breakouts, and then rallying to a new all-time high as a bullish High Pole continues to extend.

Vertical and horizontal counts suggest next potential resistance may appear in the $84.00 to $87.35 range, with initial support possible near $71.65 based on a 3-box reversal.

With a perfect SMAX score of 10, TJX is exhibiting strength across the asset classes.


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