My Quick Take On the 30 Dow Jones Industrial Average Stocks

-Ok here it goes…

Alcoa Inc.  - Still in a decent uptrend but starting to look a little bit ‘labored’

American International Group, Inc. – Looking very bullish with recent breakout and big volume and RSI (Relative Strength Index) entering the ‘power zone.

American Express Company – Recently rallied back up to previous 52 week high and today pulls back a bit on heavy volume. At risk of a near term correction as holders from previous 52 week high want to get out while they can.

The Boeing Company – One of the strongest DJIA stocks out there today.  Recently in a 6 day consolidation and some indicators getting oversold.  Possible more downside to come but still overall strong uptrend.

Shitigroup oops I mean Citigroup Inc. – :)  Possible ‘three drives to a top’ pattern and at risk of downward correction again. Not in a stance for big upside in my opinion.

Caterpillar Inc. – similar setup to American Express Company in that it has just recently hit the previous 52 week high and there is a risk of a bout of profit taking because there are always people who previous bought at the highs and now want to ‘get out’.

E.I. du Pont de Nemours & Company – recently just made a small double top and both RSI And MACD are looking toppy.  RSI bearish divergence as well.. I see downside on DD.

The Walt Disney Company – today’s daily reversal hammer has it looking strong short term. However MACD is ready to cross down and RSI bust below the 70 level.  At risk of correction now.

General Electric Company – Same situation as The Walt Disney Company , looks like a small triple bearish divergence between price and RSI.  GE should start correcting soon.

The Home Depot, Inc. – trading sideways for quite some time now.  Indicators are starting to move into oversold ranges.  As long as HD can stay sideways on this shelf it will remain a bullish setup.

Honeywell International Inc. – It shot up almost in a straight line !  Very unusual for this stock.  MACD curling over and RSI ready to dive below the 70 level.  At risk of a bout of profit taking.

International Business Machines Corp. – a sloppy slow uptrend.  Could just churn at these levels for a while or enter a mild correction.  Very similar to the Alcoa Inc. setup.

Intel Corporation – Pausing nicely in a compressed triangle and indicators starting to go oversold.  If it holds recent support then could get another leg higher going.

Johnson & Johnson -  a tossup at this point. It may get a big breakout going but is at risk of correction for same reason as American Express Company and Caterpillar (hitting previous highs).

JPMorgan Chase & Co. – too tough to call?  A strong uptrend and MACD getting into a sell area, but the stock is holding up well and could inch 1 or 2 more dollars higher first.

The Coca-Cola Company – KO is one of the sloppiest charts out there.  Last 3 day breakdown is concerning and it is in a messy trading range.  Bias is towards weakness in days ahead barring a mini bounce from the recent 3 day plunge.

McDonald's Corporation – hard for me to be bearish on McDonalds right now.  Looking still like a workable uptrend, but is possible it can get a mini correction going for a few days.

3M Company – similar to AXP and CAT, testing previous 52 week highs.  At risk of a pullback, but if does not give back ground in next week then could breakout higher.

Altria Group, Inc. – MO is trending higher in bullish fashion and recently had a breakout move.  Trend is up and in force.  No signs of major downside at this point.

Merck & Co., Inc. – Bearish and breaking down, but near swing trading support.  But swing trading support MUST hold otherwise much bigger correction coming.

Microsoft Corporation – starting to get oversold as long as it holds 29 support could be building for another leg higher. Must hold 29 support area.

Pfizer Inc. – in a persistent downtrend for quite a while.  Weakness presumed

The Procter & Gamble Company – breaking down badly, but starting to get very oversold.  Eventually PG could head to 60 level which is bottom of swing trading range support area.

AT&T Inc – breaking down badly and at risk of more downside. Looks weak.

United Technologies Corporation – MUST hold 72.84 support area.. otherwise big break down coming.  MACD and RSI show more downside coming.

Verizon Communications Inc. – recent big breakdown in VZ showing major selling strength.  It is short term way oversold, but recent 3 days action shows who is in charge. Sellers.

Wal-Mart Stores, Inc. – looks toppy to me and at risk of breaking down. MUST hold 55.13 support area. Otherwise lots more downside.

Exxon Mobil Corporation – very weak looking stock and at risk of more downside.  Lately has a hard time getting a good uptrend going.

Ok so there is the quick take on 30 DJIA stocks.  I count about 8 of them as being still somewhat bullish or ‘ok’ for now… but the still leaves the majority at risk of more downside.

Conclusion?  This could mean we finally get a bout of profit taking in the broad market either going into end of this week or next week. We are long overdue for one.

Posted in Market Timing

Leave a Reply

Your email address will not be published. Required fields are marked *