Nov 29 2009

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JPM: The chart shows a critical juncture at the trendline. There are several support levels near this price and price has already fallen below the 25 and 50 day MA's. The chart had higher highs and higher lows until recently and now the price pattern has rolled over and is in risk of falling harder over the next several weeks. The 200 day MA is near 37 and price support is lower near 32 from the July bottom. Will be an interesting few weeks before the end of the year and whether these former high flyers will get bought again for window dressing. Chart suggests lower prices.

AA: This chart is also at an interesting crossroads of sorts. We have the 3 MA's all converging here near the same price and right on a trendline. The stochastics are on the bottom and perhaps showing support. Like JPM the succession of higher highs and high lows was broken recently which shows
increasing weakness overall, but unlike JPM we have the MA's and a trendline that price is setting on to help reduce its fall if it does so. Near by support at 12 and resistance before 14.

AXP: A number of stocks looking very toppy here and this stock is one of them. If you will notice you will see that over the last 7 trading sessions that the trading range has gotten smaller and price has had difficulty moving higher.

The trendlines suggest that the momentum is getting increasingly difficult for this stock to continue with. It needs a small correction and a breather. If the market moves higher it can go along for the ride but its angle of ascent makes it vulnerable now for a hit.