Testing the 50-Day Line

The number of stocks in the S&P 500 above their 50-day moving averages fell by nearly 42% last week, from more than 68% to less than 39%. Many are in the process of testing that average, and today I want to review six of them.

AXP, ADBE, KS Source: StockCharts.com View Chart » View in New Window »

Three that are not making the grade are American Express (AXP), Adobe Systems (ADBE), and paper maker KapStone Paper and Packaging (KS). The daily chart shows shares of American Express breaking several key levels of support, currently trading below a horizontal resistance/support line drawn off the November highs and the December low, an uptrend line drawn off the November and December lows, and its 50-day moving average....303 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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