First up is Agilent Technologies (A - Get Report), the firm that's presenting the simplest bear setup right now. While Agilent hasn't had a bad year in 2012 (shares are only trailing the S&P's awesome rally by around 3% as I write), it saw almost all of its upside in January and has been dying a slow death since then. The downtrending channel in Agilent is the price pattern to watch now, especially with shares testing resistance.
Agilent's channel lower hasn't been the most orderly channel I've seen -- it's downright haphazard compared to the June and July rally in the S&P 500. But that doesn't really matter. All that matters is the fact that Agilent has gotten stopped and turned around every time it touched a support or resistance level.With shares touching this trend line resistance level for the third time in 2012, it's likely that we'll see another bounce lower from here -- especially because it coincides with resistance at the 200-day moving average. If you already own Agilent, go ahead and wait for the bounce lower before selling. Trendlines do eventually break, and it doesn't make sense to sell prematurely if A is merely (really) late to the game on this broad market rally.
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