Stocks: The major index for stocks of the S&P500 is still being supported by a daily and monthly support trend line. The daily chart is currently forming up with a bullish ‘ascending triangle’ pattern. I’ll be guided by trend line breaks here, either up or down, as to the next major directional move:

It is worth noting that that a 61.8% fib pull back of the recent bull move on the daily chart would bring price back down to the 1,577 region. This is no coincidence. This 1,577 region is a major level on the monthly chart as this region represent the resistance zone from back at the 2000 and 2007 highs. I would not be at all surprised to see price pull back to test this major zone. In fact, I would be a lot more confident with any bullish continuation on the S&P500 AFTER such a pull back has been attempted:

Like I said, I’ll keep watching the trend lines on the bullish ascending triangle pattern on the daily chart to help guide me here. Until then, I am keeping tabs on the stocks on my watch lists and some of these charts worthy of mention appear below:

AVP: has broken a major support trend line on the weekly chart and looking a bit bearish now:

KO: the weekly suggests a ‘Bull Flag’ might just have been broken BUT I’d prefer to see weekly close above the $41 level first. This seems a significant S/R level for KO:

LOW: there is a good reason for Lowes testing the $45. It was a major breakout level, as the monthly chart shows, and I’ll be watching to see if the $45 can hold:

MCD: no clear breakout higher just yet:

NUE: watch the release of Chinese data this week. Positive data results may help this on to a triangle breakout:

PEP: the $87 is still keeping a lid on PEP for now:

TJX: no breakout here yet:

WAG: there has been a triangle breakout and TS signal BUT it might be safest to see a close and hold above the $70 level:

WMT: the $80 is a critical level here. Watch for any clear rejection or for a break and close higher:

AA: I still believe that the $18 will be a target here:

ADBE: no breakout here yet:

BK: watch for any break back above the $35 level OR a bearish break of support:

FB: no break out here yet to confirm whether this is heading for a bullish flag break or a bearish H&S. Watch for any break of the $54 ‘neck line’. Check how the flag trend line is being respected!

GE: the $28 represents the 61.8% fib level and this has been respected recently. Watch for any break and hold above the $28 though as this would suggest the next target might be up near the $35 region:

HD: watch the $82 level:

HPQ: I’m still bullish on HPQ following the inverse H&S breakout:

MGM: this has made a triangle breakout on the daily chart BUT I don’t have a new TS signal:

X: watching for any triangle breakout here too:

XLF: watch for any break and hold above the $22 level:

YHOO: watching the ‘Bull Flag’ here: