US Large Caps in Focus - QCOM-, PLTR-, CL+ (20 January 2026)
Notes: we tend to focus on inflections on the weekly data level to strip out noise and, hopefully, call trades of more meaningful longevity. The basic system is a dynamic heatmap and colours: Up as Blue and Down as Red. Momentum is woven into the price series, such that paler colours represent lessening of power and stronger colours, increasing power. The sub-window shows the heatmap with momentum numbers at each timeframe from hourly to monthly.
Note: position change: we are closing LONG, MMM US entered 13 January at 168 (see note of that day) now at 157.5. The uptrend we were focused on just failed.
Qualcomm Inc. (QCOM) - breakdown.
Price broke the May 2025 uptrend last week and has just dropped through the bottom of a multi-week consolidation. This means that the current 20 week cycle topped early and its next trough is not until early March. We will be due an 80 day cycle uplift soon, but we think any rally will peter out fast against the headwind of the falling longer cycle. All timeframes are red down and accelerating.
Palantir Technologies Inc. (PLTR) - intermediate term breakdown.
The April 2025 uptrend broke down around mid-November and price then rallied up to kiss the underside of the support line, which became resistance. Note that it did not actually reach it either, which is bearish. All timeframes are red except daily which is feeble low power blue. The full red framed bar to the right of the heatmap row shows that it is breaking down through the risk edge now and will go red.
Colgate-Palmolive Co. (CL) - long term trend change?
Monthly chart, Colgate has all timeframes blue and has just broken out through the 2024 downtrend return line having been stopped at key support. We expect a pullback, but are willing to ride it out to take advantage of what looks to be a high degree trend change.
