By Gareth Soloway on April 26th, 2010 12:06pm Eastern Time
As I scan through the market today, I see a market that is much like recent weeks, flat on the day, unable to fall sharply. While that may be the case, new technical patterns and signals are jumping out every minute. Setups that could be the next winning swing trade and money maker. Below are some of the ones I am stalking closely and may at any point be playing.
1. Ford Motor Company (NYSE:F) is hitting a double top on the daily chart at $14.50. This should be near term resistance and the stock may see a pull back off this level.
2. Google Inc. (NASDAQ:GOOG) is coming into the daily 200 moving average at a price of $532.00. The 200 moving average has not been tagged on Google's daily chart in since April 2009 as is likely a solid area for a possible bounce short term.
3. The Home Depot, Inc. (NYSE:HD) is hitting a key pivot from 2007. This level can be viewed as resistance at $37.00. The Home Depot, Inc. has been a rocket ship of late and is technically short term overbought as well.
4. Jackson Hewitt Tax Service Inc. (NYSE:JTX) is moving higher on the back of a beautiful daily in spirit of bull flag pattern. Not only is this chart primed for a lift off but it also has millions of shorts. A short squeeze could ensue causing it to go parabolic. The levels of resistance are $1.94, $2.14 and $2.40.
Gareth Soloway
Chief Market Strategist
InTheMoneyStocks.com
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