Breaking Down Barriers

Working our way through the final hour of trading leading up to Facebook earnings tonight, bulls have performed well today when their backs were against the wall as the SPY probed a $264 breakdown at several junctures. 

However, when it come to upside follow-through, we know bulls have fumbled many a time when the $267 upside level has been tested, beyond the general theme of this market throughout October of buyers in general being unable to hang onto virtually any bounce attempts. 

Having said that, we always want to zoom out and respect the big picture of this market. Five Below, seen on its weekly timeframe here, has taken a well-deserved pause this autumn after surging for much of the year beforehand as an emerging retail growth leader. 

If buyers can finally break down some barriers above for a more typical relief rally, a name like FIVE makes sense to test out on the long side as a means of dipping some toes back in the shark-infested waters.