The seasonal trade for oil refineries is nearing its end. So far, VLO is enjoying a good run from $17.10 seen in late February to today’s price of $20.53. The stock is up over 5% so far in today’s trading. Immediate resistance levels for the stock are $21.90 and its 52 week high of $23.62. Support for VLO remain its 50 day and 200 day moving averages, or $18.17 and $18.13 respectively. If support is broken here, its 52 week low of $15.29 is the next target. The seasonal trade is to buy refiners in winter and sell in spring. An ideal level to take profit on VLO is around its 52 week high. 

With natural gas coming off $6 to $4.50, it’s no mystery that CHK is trading well off its 52 week high of $30. The stock is currently trading at $25.69. Support for the stock lies at its 200 day moving average or $24.49. If this level is broken, $22 is the next target. Resistance for CHK are its 50 day moving average of $26.67 and $27.90. Most analysts believe that the bottom for natural gas prices is $4. The chart shows that any time the stock approaches its 200 day moving average, it tends to rebound. For the patient investor, look to accumulate the stock between its 200 day moving average and $22. CHK remains a major player in the uncoventional natural gas production.  

Today, CSCO made a new 52 week high of $26.36. The stock closed up 3.65% to $26.13. Feeding the bullish sentiment on this stock include positive cash inflows into the technology sector and a major announcement to be made by the networking company tomorrow. For short term investors, they might want to take profits tomorrow if the stock continues to rally, following the buy on rumour and sell on news mantra. Support levels for CSCO are its 50 day and 120 day moving averages or $24 and $23.76 respectively. If the January lows of around $22.40 holds, CSCO will likely continue its upward ascent. For the time being, CSCO is a stock to buy on dips.    

With the financial crisis in Greece ebbing and a better than expected jobs report, the S&P 500 is so far up 1% to 1,134.50. In order for the bull case to stand, the stock index needs to break its 52 week high of 1,150.45. Key support levels for the index remains its 50 day and 120 day moving average, or 1109.84 and 1,091.76 respectively. If a new yearly high is made, 1,300 is the next target. Fundamentally, investors want to see companies earn higher profits from revenue growth, and not from cost cutting. This is what will likely drive the S&P 500 higher.

HD had a nice run up over the last few weeks, starting from about $27.50 in early February to just under $32 yesterday. Technical indicators such as the MACD, RSI and Slow Stochastic suggest it is time to take profits. The stock is currently trading at $31.41, nears its 52 week high of $31.81. Longer term, the trend is still positive for HD. Over the short term, it is time to take profits. Major support for HD lie at its 50 day and 120 day moving average, or $29.08 and $27.95 respectively. A good entry point to go long the stock is around the $28 area. Resistance for HD lies around $34, a level not seen since October 2008.  

The latest noise coming from the White House is introducing draft proposals to regulate the financial sector, one of the provisions being stopping proprietary trading at banks. With GS, the bulk of their profits come from trading. Not unexpected, the stock closed down 0.70% to $157.64 today. The stock is still trading below its 50 and 200 day moving averages, or $160.71 and $163.10 respectively. Barring any major developments, GS is likely to trade in a range of $148 to $161 over the short term. With the death cross, where the 50 day moving average crossed below the 200 day moving average, recently taking place, GS will probably trend lower. 

Ford is benefitting from the woes of its competitors, noticeably Chrysler, GM and Toyota. Thanks to strong year to year sales gains, F hit a new 52 week high today of $12.68. However, the stock is down around 1.50% to $12.22. If the stock closes down today, more depreciation could be in the cards for the short term. Downside targets for F are $11, its 50 day moving average, $10.50 and 9.80, its 90 day moving average. If the economy is still experiencing headwinds, F could begin to consolidate its recent strong gains. The likely range for F would be between $10 to $14. Longer term, a slew of new and exciting models should help Ford’s stock price edge higher. 

The seasonal oil trade is to buy now and sell in May. Among the best of the breed energy stocks is CNQ. The stock closed up around 2% today to $68.97. The stock closed above its 50 day moving average of $68.50. Resistance on the upside are $70.80, $74.90 and its 52 week high of $76.51. Major support for CNQ remains at $63.20, or its 200 day moving average. CNQ seems to be settling in to a trading range of $63 to $75. The long term trend still remains up. At this point, CNQ is a stock to buy on dips. A good entry point to go long CNQ is around the $63 area. 

One stock that continues to shine is discount retailer TJX. In this economy, it’s not enough by just offering low prices. Shoppers also want style and selection. TJX hit a new all time high of $42.09 today. The stock barely moved, closing at $41.63. The path of least resistance for TJX is towards the upside, given that no one is holding the stock at a lost. Bulls want to see TJX close above its old 52 week low of $40.50. Key support levels for the stock are $38 and $36, or its 50 day and 200 day moving average. With the economy likely to continue struggling given the high unemployment rate, TJX will continue to benefit from the value driven consumer.       

The S&P 500 managed to close near its high of the day, down just 2.31 points to close at 1,102.93. At one point, the index was down as low as 1,086.02 on weak economic data and a possible downgrade of Greece’s credit rating. Never the less, the chart for the S&P 500 suggests it is turning over. So far, the index has yet to trade and close above its 50 day moving average around 1,108. To confirm the bullish trend, the S&P 500 needs to break its 52 week high of 1,150.45. Failure to break the 50 day moving average suggests that the index could retest key support levels at 1,043 and 1,030, its 200 day moving average. Investors have been pricing in a robust economic recovery which has yet to take hold, as recent economic data has shown.