Home Depot could be attempting a breakout as investors await key industry data.
The main patterns on today’s chart are the falling trendline and the 50-day moving average. HD is attempting to push through both.
This is especially interesting because TradeStation data shows fewer than one-third of S&P 500 companies are above their 50-day MAs. The fact HD remains above it shows the stock has spent more time bottoming than the broader market.