The market edged higher on Tuesday as light volume trading found it easier to guide stocks higher than lower for the day. Despite the move, the S&P 500 and other major indices continue to walk across the top of their ranges as a number of stocks are beginning to make short- to intermediate-term bearish shifts in their trends.
Today’s three big stock charts look at SPDR Gold Trust (ETF) (NYSEARCA:GLD), Wal-Mart Stores Inc (NYSE:WMT) and Ulta Beauty Inc (NASDAQ:ULTA), all three of which are transitioning into short-term bearish plays.
SPDR Gold Trust (ETF) (GLD)
![SPDR Gold Trust (ETF) (GLD)](https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif)
The declining dollar has failed to help rally gold prices of late, as both the SPDR Gold Trust shares and the Dollar ETF have locked into intermediate-term bearish trends, despite higher interest rates and forecasts for continued economic growth.
- GLD shares just broke through the $116-level. This mark had served as support from the charts dating back to March and then resistance before that. A break of this price will likely draw new technical sellers into the market.
- The SPDR Gold Trust ETF is trading below its 50-, 100- and 200-day moving averages, all of which are beginning to transition into bearish trends. This will apply pressure overhead and act as resistance.
- GLD is hitting an oversold reading of its RSI, suggesting that we could see some short-term buying; however, this is more likely to just be a break in what is likely a longer-term decline in prices.
Wal-Mart Stores Inc (WMT)
![Wal-Mart Stores Inc (WMT)](https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif)
The day after Amazon Day, Walmart shares are looking ready to make a small short-term bounce, but the bounce is likely to be an opportunity for those looking to sell into strength to exit the stock as the trend is likely to continue lower.
- Monday’s trading took WMT shares below their 100-day moving average for the first time since the stock started its strong rally in February. Failure to recover and move back above this trendline will result in more selling.
- The 50-day overhead is beginning to roll over, indicating that the intermediate-term trends are suggesting the bears are taking over Walmart’s daily price activity.
- From a charting perspective, $72.50 will be a key level for the chart watchers, as this was the bottom last month and also market resistance for WMT shares in early 2017 and late 2016.
Ulta Beauty Inc (ULTA)
![Ulta Beauty Inc (ULTA)](https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif)
ULTA shares fell yesterday on the news that Macy’s Inc (NYSE:M) was slashing prices on their high-end cosmetics.
The sharp decline follows a “sell the news” decline of more than 13% after their latest earnings rally.
- Tuesday’s selling took Ulta Beauty stock through its 200-day moving average for the first time since February 2016. The stock saw further declines during that period, but the stock ultimately entered a six-month long trading period with increased volatility.
- ULTA shares have hit a deeply oversold reading from their RSI, indicating that we should see a “dead cat bounce” at a minimum over the next few weeks.
- Long-term support for Ulta Beauty stock is in place at $243.75. This is the sight of the stock’s 20-month moving average, the line of demarcation between a bull and bear market for the stock.
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