Many stocks today continued on their downward trends. Even the leaders were struggling to stay up. Remember that market corrections are great. It creates new chart patterns and sets up great opportunities. Just be patient on stocks and let the chart setup. Sometimes its best to set aside, stay in cash, and go play some tennis, golf, or snow mobiling. Here are some charts that caught my eye.
The Dow 30 pushed against the 200 day moving average and dropped down heavy another -121 points. It almost seemed as if the market needed an excuse to sell off after the presidential election.
S&P500 (SPX) broke the 200 day today as well.
McDonalds (MCD) Broke this support line at 85.95 on about 40% more than average volume.
Goldman Sachs (GS) Continued today after breaking this trend line yesterday on more than average volume.
Google (GOOG) Broke this support line at 669.70 today. Next support at around 643 or the 200 day moving average at 636.
SPDR Gold Trust (GLD) the last few days has been climbing the charts since the stocks have been tumbling and rebalancing. Expecting a bit higher prices slightly from here until the market stabilizes.
CF Industries (CF) Sold off below the $200 mark and currently bouncing off the 200 day, but volume is to do the downside. We will see if it breaks the 200 day tomorrow, but at this point it looks like its setup for lower prices.
Amazon (AMZN) broke this wedge, but volume is light - it could be consolidating. Nothing to serious at this point. Stock looks strong, but may still go through a brief consolidation period.
Apple Inc (AAPL) Another day of over 20 point drop. This stock is bearish at this point. Could take a few weeks or could take a few months to setup properly. Looking for it to hit the 520 or 425 level to bounce.
Rockwell Automation (ROK) - Still looks healthy in this down bearish market. Volume looks light on its pull back, so it could just consolidating. Still higher above its breakout point on Nov 1, 2011.
Qualcomm Inc (QCOM) poped above the 200 day on twice the daily average volume. However, one day does not make a trend. Keep an eye on it for now.