HD's new stop loss is at yesterdays low of $25.53. So aside from a severe lower open, it is safe to call this trade successful. The price I will be looking to take profits will be around $26.82, which was the highest high of the last few weeks. If it gets close to there today I will be closing out this trade, mainly because I want to stay cautious of a big correction.
Another chart I can't ignore is the long term SPX. I don't believe it is a sell signal, but I do believe it is a reason to be a little cautious and look to take profits. Using the Fibonacci retracement ratios, we are just about at a 38% retracement from the '08 highs.
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