SPX downside risk (May 21, 2010)

I spent the night looking through the charts of major SPX components that pose the most risk in this market environment.


AAPL still pose some downside risk due to lack of consolidation areas below current price.


The rally for JPM starting from JULY was due to optimism for improving earnings. I think there is still a lot of news that has yet to be factored in to this stock. If it breaks below 37, 32 is the obvious target.


XOM, is probably going to retest those lows.



So you see, there is still a lot of downside risk. I wouldn't know where the bottom for this selloff is...but am not writing off a retest of somewhere close to 1036.