Friday, July 2, 2010

Trendlines Holding For Now In "Leading" Stocks

As I went through my scans last night to see how the charts were looking, I noticed that many of the "leading" stocks of the past move from March of 2009 were holding longer-term trendlines after today.   There were many breakdowns earlier this week for these stocks through key levels like their 50 day moving averages, but if these trendlines continue to hold, it is certainly possible for the market to bounce a bit soon.  I am not saying we aren't headed lower overall, but that bounce that gives a better short entry point could be on the way.   Check out the charts below.

All Charts from Telechart, Courtesy of Worden Brothers, Inc.

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