$SPX 15 Minute: Today's price did not resolve anything. Price bounced once again off trend support, but the move up looks abc like. If this is going to be more bearish than this channel, price should fall apart downward and soon. Otherwise we should finish this channel in the next few days.
$SPX 60 Minute: Price still trading back and forth in the former gap zone. Price needs to give way to a direction soon.
$SPX Daily: Nothing new, as price continues to grind the past two days. We have solid price support directly below the channel line. So far, it doesn't look like this move lower has finished.
IBM: If IBM is going to break down is should put pressure on the market. The MACD sliding lower seems to point in this direction, but there is plenty of price support, trend support and the 50 day MA as support.
WRN: Stock has consolidated just below the 50 day MA and minor price resistance on the blue line. Both the RSI and MACD look poised to move higher. If so, and price moves above resistance I might add to my little position.
SBUX: A little sideways consolidation, just waiting to see which way it break outs. I think it's higher even though we have divergences, but we should wait for price to confirm for trading.
ANAC: Here's a speculative little trade. Price consolidating lower inside a channel and testing the down trend line. If this and the market moves higher tomorrow, I might make a trade. I would prefer the market to be moving higher so it has the wind at it's back, and it's not fighting the market if the market were to trade lower while this goes higher.
RL: I had this up recently as a short trading idea and today it fell apart. It's so far below the lower BB, I'd prefer to wait a day or two or see price bounce a little before entering this again on the short side. I do think we get to the 200 day MA on this leg down.
COST: A little break down in price. We could see this move lower and test the black uptrend line. Again, I like the idea of entering a short on a bounce if possible.
From My Trading Desk: We took a gain by closing our short on COST early in the day. No other trades, still trying to keep it light given the stock market is playing cat and mouse with bulls and bears.
J.D. Rosendahl, Rosey
Wednesday, May 25, 2011
|Stock Charts: Market Didn't Resolve Anything Today Posted by J.D. Rosendahl at 4:11 PM||Print Page||Email This Post|
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