After its retreat to the 50-day moving average at the end of April, JB Hunt (JBHT) has moved up steeply in a wedge formation and could be set to break above the $29 level, which has confined it for more than one month.

Timberland (TBL) surged almost five percent on very heavy volume and the momentum could see an eventual move towards the 200-day moving average.

The chart for Ashland (ASH) reveals some positive divergences on both the MACD and MFI charts.

Clive Corcoran will be monitoring Office Depot (ODP) today for short-term follow-through after a reversal yesterday.

Join Clive Corcoran today for a live, interactive event as he takes a look at the stock market. Clive will analyze the market dynamics, and take your questions on trading the current market. This event takes place promptly at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time) on Thursday, May 3. When you sign up to attend, you will be sent an email with the link to the web address so you can view Clive's charts, and directions for hearing the audio. Click here to register for Clive Corcoran's free event.

The chart for the Russell 2000 (^RUT) over the last two sessions reveals an almost classical support testing pattern.

Target (TGT) was one of the retailers that exhibited downward range expansion on heavy volume.

The chart for Schlumberger (SLB) contains several shooting star candlesticks and there is evidence of distribution taking place.

The presence on several index and sector charts of doji formations, and other small body/long tail candlestick patterns at the top of the current price range is often a sign that there is a stalling of momentum and a possible directional change.

Clive Corcoran notes the divergence in the record setting large cap indexes and the lagging small caps.