Looking at the stock market since its early May highs the major indices just produced a new lower low in its three-week bearish trend. Now the S&P 500 and the NASDAQ composite sit on technical support at its 100-dma. Will they bounce or will the breakdown?
I am not adding any new candidates tonight. Instead, I'm providing a small watch list of stocks that caught my eye today.
DE - Deere & Co has fallen to its 200-dma. The last time shares hit this technical support was back in July 2010 and it proved to be a great bullish entry point. Readers may want to wait for a bounce.
HANS - Hansen Natural Corp. is not showing much weakness. This could be one to wait and watch for buy-the-dip entry point.
TDC - Teradata has consistently bounced from its rising 50-dma. The stock could test this level again soon.
MON - Monsanto displayed relative strength today. Shares look poised to breakout past their 50-dma.
CF - CF Industries is another fertilizer-related stock and today shares broke out past resistance near $145 although I'm a little reluctant to chase an $8.70 move.