Communication Services
- VZ | seems to be forming ascending wedge within what could be massive bear flag. Lower priced stock, but below 48.8 looks to be room to at least 48.4 and what’s more, not a ton of price action between the two to serve as support. If hold below 48.8 maintained look to short with larger size. 10-20 shares would be appropriate given the ATR.
- FB | Symmetrical triangle on daily but nothing of significant import. If looking to play exercise caution. Abide by levels, but look to better setups first. Below 185.5 is gap which could serve as better opportunity. Set alert.
Information Technology
- AAPL | Broken below significant daily level of 140. Could be good area to short from & use as stop, however this being massive daily level, this could also be a bounce zone. Trade cautiously. If /ES & Spy exhibit weakness then below 140 in AAPL could be reasonable play.
Consumer Staples
- COST | Of every name that’s taken a beating, this one has not followed through quite as much, & my rationale is that it thus has more to go to catch up to its brethren. This may be faulty logic. The volume on yesterday’s selloff is obscene, rivaling Walmart. Walmart had a two day selloff with such obscene volume, leading me to presume COST might follow suit. Levels are charted. There seems to be strength in premarket. exercise caution. Not the best, most clear setup.
Healthcare
- JNJ | This may be a move that takes more time to manifest but there seems to be strong foreboding for downside move & meaningful gap area below daily level of 174. 174 likely strong support but if there is meaningful breach below look to play. Exercise caution again, until this level is broken with volume there could be considerable chop. Daily chart seems to be forming a some version of a H&S pattern & yesterdays close brough us near or through a shoulder line.
Industrials
- GE | PM looks ready to dump
- UPS | Near massive daily support of 171.5, broke through it in premarket, rising back up to touch it. Could be good level to short off.
Real Estate
- PLD | Bear fflag on daily, looks like it could continue. entire sector is weak, but again, not the strongest setup. beware massive 119 daily level.