I probably scanned close to 1,000 charts this weekend and I would guess the ratio came out 75/25% bullish/bearish. The SPX trend is still intact, working its way higher. It’s bullish until it’s not.
I apologize for the amount of stocks in this list, I had a hard time weeding them out. I decided that’s not my job — here is what I found. Here are the shorts first because there are only two.
ACC – After a failed breakout on low volume it had a pattern failure on heavy selling volume. Failed to move above the moving averages last week and built a bear flag.
ARMH – Fell out of this climbing channel and lost all the averages. If the selling volumes holds or picks up, this one is good for lower.
SHLD – Testing this descending triangle, watch for a move higher on heavy volume.
KIM – Nice consolidation – watch a move above $19 on heavy volume.
FLIR – Testing this descending triangle, watch for a move higher on heavy volume.
NTES – Cleared resistance on volume and consolidating near recent highs.
SBUX – Watch $49.30 for a move higher.
CNW – Would love to see a move above $30.75 on above average volume.
EMC – Watch $28.75 for a move above resistance.
VLO – Moved above resistance on above average volume.
RTN – Setting up for higher prices.
EXPD – Building a possible pennant. Time will tell.
NVDA – Possibly bouncing off the 200ema and moving back up. Also at the 50% retracement.
SFLY – News with EK brought this one some extreme volume. Could buy here or lower.
UTX – Some nice consolidation. Watch $85.25 for a move higher.
MKC – Building a nice ascending triangle. Ready for higher prices.
AAP – Automotive retail sector outperforming the markets. Watch $87.50 with breakout volume.
Also watching, TSO
Thanks for listening,