The market is still in a healthy downtrend & because it is healthy, we are susceptible to low volume bounces along the way.  If the bulls can get it together — now would be an opportune time for them to step up their game.  News (Greece, Portugal & sPAIN) will probably determine how much of a bounce we see this week, if any.  That being said I have a lot of quality charts, both long setups and shorts and I will be ready for a move in either direction. 

S&P 500 Futures ($ES) 60 minute candles:  If we don’t violate this rising channel before hand I see $1349.5 as a good place for the market to being it’s next leg lower.

Longs:

WMT –  Cleared $62.65 on heavy buy volume.  I will consider a long entry on any low volume pullback.

ALXN – Watching $95.05 with above average buying volume as a long entry. 

BBBY – A solid break above $72.75 with significant buying volume will start the next leg higher.

CASY – Nice ascending triangle pattern. On the other hand, if the market doesn’t see a bounce, a failure of the rising trend line will provide a low risk/reward short entry.

QCOR – I believe the bottom of the handle is firmly in place.

HNZ – Ascending triangle – same long/short strategy as CASY.

RAI – Interesting volume the last 2 sessions. Watch for a break in price action.

NKE – Watching $113 to start the next leg higher.

SHORTS

TIF – Lost this major support level on huge volume based on news. I think a test of the 8 EMA will provide a low risk/reward short opportunity.

VMW – Failed the 200 EMA and is looking to close the gap at $88.86.

CHKP – Next major support level at $50.65.

CMG – Violated this descending trend line but still watching the $386.45 level and the volume for a clue.

LNKD – Already holding a light probe short from $97.80ish. I’ll add to the position losing the $92 level, confirming the next leg down, for an ultimate target of a gap fill at $77.70. I’d cover clearing above the 20 ema.

PCLN – If you’re going to take just one short, PCLN is looking pretty nasty. Failed to retake support (now resistance) and has a gap at $597.

Hope you had a great holiday weekend,

@AffluenzaVirus

 

2 Responses to “5.29.12 Watchlist”

1. 

   AffluenzaVirus

   May 28, 2012 at 11:45 pm

   I left out $TSCO – Watch $101.25 on heavy volume. (Sorry, forgot the chart). http://stks.co/40VD
2. 

   redman59

   May 29, 2012 at 1:11 am

   Nice list here. Also watching BBBY, NKE, CMG, PCLN…all with same bias

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