Ok, pardon the hyperbole.
But as a quick follow-up in my ongoing series profiling MCD, note the effects of distribution major institutional selling volume and weak price action), seen today. Sure, it could be just another shakeout in a long-term bull run. However, we are talking about some serious selling taking place over the past month.
You could also argue a double-top or sloppy head and shoulders topping pattern on this daily chart. Either way, Tuesday’s high volume reversal and today’s downside follow-through renders McDonald’s a vulnerable stock. I am looking for it to knock out a bit of a low-end range now before a short entry may present itself.
Also, lots of eyes are on the AAPL move intraday. It has been a while since we saw a close above $446. If it happens today then bulls might be in business.
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