Qualcomm, Inc. (QCOM) did well on Friday considering the circumstances. The stock was able to close at a minimal loss in a very weak market. QCOM also finished the day with bullish implications. The stock broke through intraday downtrend line resistance, which will now act as support.

The one-year daily bars chart below shows a recent downtrend in Talisman Energy Inc. (TLM) The stock has recently pulled back to down trendline resistance after creating a lower low in its most recent downside price action.  This set up is optimal for short position entry.

Andy Swan is co-founder and head trader for DaytradeTeam.com.  To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.