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. 

In economic terms, what is good for China is good for the rest of the world. For equity bulls, it is worrisome to see the popular Chinese ETF, the iShares FTSE/Xinhua China 25 Index, forming a potential Death Cross on the charts. A Death Cross is when the 50 day moving average crosses the 200 day moving average on the downside. When this event occurs, it usually signals more price depreciation for the security. Both indicators are around $40.80. FXI is currently trading at $39.29. Resistance levels are $40, $40.80, and $44.50. Major downside targets are $36.50,$35 and $30. With the FXI trading lower than its key moving averages, the Death Cross is likely to occur. A way to potentially profit from this is to buy the China Bear ETF, the UltraShort FTSE/Xinhua China 25. The charts on the FXP are looking promising. 

Despite the strong profit results and the impending launch of the iPad, APPL stock seems to have lost its mojo. The stock is trading down 1.50% to $197.42. The stock is getting very close to major support at $195.20, or its 120 day moving average. The stock has not traded below this level since 2009 March. If support is broken, the next significant targets are $190, $186 and $180.50. Resistance remains its 50 day moving average of $203, $204.50 and its 52 week high of $215.59. APPL is facing more intense competition for its aging iPhone. Investors want to see what else Apple has to maintain its sales and profdit momentum. 

Any seasoned investor knows better than to try to catch a falling knife. Such is the case with PALM. The stock is currently priced at $8.57, or about 6% lower. The stock is significantly far from its 52 week high of $18.09 reached back in September of 2009. The 52 week low is $5.85. The stock is trading below its 50 day and 200 day moving average, or $11 and $13 respectively. These technical indicators also serve as key resistance levels for the stock. The smart phone maker is dealing with intense competition, weak finances and not so strong distribution relationships. Downside targets for the stock are $7.50 and $5.85. Right now, investors are showing a lack of confidence that PALM will survive and thrive. 

Production problems at SU pushed the stock down from the high thirties to the low twenties. The stock since recovered a bit to trade currently at $30.73. If its recent low of $29 is broken, the next target is $26. Resistance levels for the stock are $33.50, its 200 day moving average, $34, its 50 day moving average, and $38. If the stock drops any further, it will represent a buying opportunity. Despite the challenges faced by SU, it has abundant energy reserves in politically stable regions.

Despite President Obama’s knock on Wall Street, BAC stock managed to hold key support at $14.40. This level is just below its 200 day moving average of $15. Thanks to news that some major hedge fund players have added to their long BAC positions, the share price recovered this week. BAC is right now up around 1.50% to $15.88, trading above its 50 day moving average of $15.50. For BAC to move higher, it needs to close above the 50 day moving average. Resistance for BAC are $17.20 and its 52 week high of $19.10. The stock could end up in a range of between $14 to $17 in the short term. BAC recovered strongly from its 52 week low of $2.53 and is likely to consolidate its gains since March of 2009. 

HPQ topped earning expectations and indicated that it will continue to grow faster than the markets it competes in. Shares are higher in after hours trading, last seen at $50.46. Immediate resistance for HPQ is at $50.60, or its 50 day moving average. Strong resistance remains its 52 week high of $52.95. If this level is broken, HPQ will see new all time highs. In this scenario, the path of resistance is towards the upside. Major support for HPQ lie at $48.80, its 120 day moving average, and $46.50. If the company raises its top and bottom line guidance for the year, HPQ is likely to hit new highs. 

RIMM shares took a pounding back in late September as their earnings and outlook underwhelmed investors. The stock dropped from its 52 week high of $88.08 to just under $55 in early November. Since then, the stock clawed back up to $72 on company guidance of healthy top and bottom line growth. Another is a new web browser that is just as good as their competition, Apple included. After the revealing of their new web browser today, RIMM stock is down almost 2% to $69.95. The selling is probably due to profit taking. Bulls want to see RIMM hold its 50 day moving average at $65.20. The 200 day moving average is at $70. If $65.20 cannot hold, the downside targets are $60.40 and $57.50. If RIMM can hold above $72, the next upside target is $83, closing the downward gap seen in late September of 2009.   

Today, Yara International agreed to acquire  Terra Industries for $4.1 billion in a bid to boost its presence in the United States. The $41.10 per share offer for Terra represents a premium of 23.6 percent over Friday’s closing price of $33.25. Potash Corp. is often mentioned as being a take over target itself. Looking at the chart of POT, the stock closed up on Friday to $111.60, right below its 50 day moving average. POT closed the gap down seen a few weeks ago when the stock dropped from $110 to about $98 on weaker than expected profit forecasts for 2010. With more talks of further consolidation in the fertilizer industry, POT is likely to trade higher tomorrow. The upside targets are $119.50 and its 52 week high of $126.47. Support for POT remain its 200 day moving average at $102.