Spent a better part of the day scanning charts. I would say they came back 90% bearish (or neutral) setups.  The major banks are looking weak and I’m expecting a follow through pullback this week, imagine that.

$SPX support this week is at 1356 then 1340.

Longs:

I did find one possible long setup in $FLR.  If it can get a follow through volume day like it had on Friday and the price looks like it will close above the descending trend line I will consider starting a small long position.

Shorts:

CMG – Support is at $401 – Short entry is losing 401 with heavy selling volume.

AAPL – Lost major support last friday close below $571.90. AAPL should continue lower.

BIDU – 60 minute chart – Descending triangle. Watch for volume to bring this one below $128.90 before an entry.

BBY – Monthly (first) shows the supported price levels. Daily (second) looks even worse. Would like to short losing $20.70 with heavy selling volume. Next support is at $19.93.

GS – Sold through support levels with selling volume. Safe to short on these low volume bounces.

TGT – Increased selling volume. Next target is the 200ema.

Enjoy the rest of your Sunday,

@AffluenzaVirus
http://youtu.be/QjTbhkDvidY

One Response to “Breakdown Watch 5.7.12”

1. 

   Blind Read Ant

   May 11, 2012 at 2:48 am

   Sick post Affluenza.

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