Now They'll Really Need That American Toughness

Whether or not F longs can be "Ford Tough" at critical, long-term price support remains to be seen

In the face of rising car sales and headlines that the auto industry is "flourishing" today, Ford is trading lower over 2% at the time of this writing. Generally speaking, trading lower on "good" news is a bearish sign. 

But to be more objective than focusing on any given trading session, however, is the weekly chart, below, illustrating that Ford has been probing the $13.50 for a few years now. 

Much like the MBLY example we noted on social media earlier in the day, and for Members, the more times well-defined support is probed, particularly while making a series of lower highs, to boot, the more likely it is we see an eventual breakdown. 

So while the AAPL weakness is understandably garnering attention on a slow market day, I view the outcome of this Ford chart to be just as important to the prospects about whether a recession does, in fact, loom, given the unique sensitivity of auto sales to the economy--In other words, the market may be seeing through today's report as being the last good one for a while.