I was thinking about the post I made a week or so ago, regarding the Head & Shoulder Top that may be forming in the Dow Jones Industrials http://wp.me/p2Oyf5-1w. So I decided to look inside at each of the 30 individual stock charts again.
Of those 30 stocks, 21 or 70% had identifiable bearish patterns, of which almost all have not yet met their minimum price objective. The other 9, either I could not recognize any pattern with any substance, or it was somewhat bullish to neutral.
One of the stocks, McDonald’s (MCD), is an example of one of the many that look to have unfinished business to the downside.
With the majority still showing bearish charts, I have to lean toward the Dow having more dog days in the days ahead.
Thanks for your visit,