Amazon.com (AMZN) seems to always be in the headlines with its potential expansion plans. Last week, there were reports that the online retail giant was considering selling prescription drugs. Monday these plans became more likely and pharmacy benefit managers CVS Health (CVS) , Express Scripts  (ESRX) and Walgreens  (WMB) crashed into correction or bear market territory.

Amazon's decision to expand into selling prescription drugs has been on their wish list for more than a year, and capturing a major portion of this $560 billion-a-year market is a business objective even with regulatory hurdles.

CVS Health is in correction territory down 12.3% since setting its post-election high of $84.72 on Jan. 18. Express Scrips was downgraded to underperform by Raymond James Monday and is in bear market territory since setting its post-election high on Nov. 29. Walgreens is nearing bear market territory since setting its post-election high on Feb. 22.

Weekly Chart for Amazon

Courtesy of MetaStock Xenith

Amazon closed Monday at $990.99, up 32.2% year to date and is in bull market territory 39.6% above its post-election low of $710.10 set on Nov. 14.

The chart for Amazon will be positive if the stock ends this week above its five-week modified moving average of $977.14. The stock is well above its 200-week simple moving average at $589.01. The 12x3x3 slow stochastic reading is projected to rise to 27.16 this week up from 24.62 on Oct. 6.

Investment Strategy: Buy weakness to my semiannual pivot of $972.47, seen in July; pivots act as magnets. Reduce holdings on strength to my monthly and quarterly risky levels of $1,067.69 and $1,121.35, respectively.

Weekly Chart for CVS Health

Courtesy of MetaStock Xenith

CVS Health closed Monday at $74.30, down 5.8% year to date and is in correction territory 12.3% below its post-election high of $84.72 set on Jan. 18.

The weekly chart for CVS remains negative with the stock below its five-week modified moving average of $78.17. The stock is well below its 200-week simple moving average at $88.28. The stock has been below this moving average since the week of Nov. 4 when the average was $83.28. The 12x3x3 weekly slow stochastic reading is projected to decline to 49.82 this week down from 57.80 on Oct. 6.

Investment Strategy: Buy weakness to the Nov. 8 low of $69.30. Reduce holdings on strength to my quarterly and monthly pivots of $78.35 and $80.91, respectively, both of which failed to hold as October began.

Weekly Chart for Express Scripts

Courtesy of MetaStock Xenith

Express Scripts closed Monday at $59.22 on Monday down 13.9% year to date and is in bear market territory 23.6% below its post-election high of $77.50 set on Nov. 29.

The weekly chart for Express Scripts will be negative if the stock ends the week below its five-week modified moving average of $61.77. The stock is well below its 200-week simple moving average at $74.75. The stock has been below this moving average since the week of Dec. 9 when the average was $74.20. The 12x3x3 slow stochastic reading is projected to decline to 40.51 this week down from 42.68 on Oct. 6.

Investment Strategy: Buy weakness to my monthly and quarterly value levels of $58.58 and $58.51, respectively. Reduce holdings on strength to my risky level of $63.49.

Weekly Chart for Walgreens

Courtesy of MetaStock Xenith

Walgreens closed Monday at $70.87, down 14.4% year to date, and is deep into correction territory 19.5% below its post-election high of $88.00 set on Feb. 21.

The weekly chart for Walgreens remains negative with the stock below its five-week modified moving average of $76.97. The stock has fallen well below its 200-week simple moving average at $78.22. The 12x3x3 weekly slow stochastic reading is projected to decline to 30.31 this week down from 42.63 on Oct. 6.

Investment Strategy: Buy weakness to my annual value level of $66.80. Reduce holdings on strength to my quarterly and monthly risky levels of $79.53 and $80.71, respectively.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.

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