Genreral Electric resolved Head&Shoulders pattern to downside and closed below the neckline and 50 EMA
. That tell us about relative weakness vs broad market. In case of down scenario of SPY
(check my comments on this idea in the link below), this company from Industrial Industry ( etf XLI
showing relative weakness probably because of tension in Iraq and higher oil
prices which lead to higher costs) could be good short candidat.
Resistance levels are: break down point $20.60, then 8/21 EMA
at $20.80. break below yesterdays low could attract more sellers and continuation move to bigger support at $26.20, then we have 200 EMA