On July 5, we mentioned that traders who were holding a long position in AmerisourceBergen Corp (NYSE:ABC) would likely set their stop-loss orders below the 200-day moving average (pink line) because a break below this support would signal a shift in the long-term uptrend. As you can see from the chart below, today's broad market decline helped push ABC stock below the 200 DMA for the first time since early June 2006. It will be interesting to see if the bears will remain in control of the momentum or if the bulls will join together and try to send the price back above the influential $50 mark.
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