Somewhere between 26.5 and 27 the spine of the stock lies. Once it drops below that then the bottom could be 23, 22, 21...A break of the spine would be disasterous for SBUX and we are just about there. Why is it so important to find the bottom for Starbucks? Look at the chart. In late 2004, the stock went from 21 to 32 in a few months. 52% gain. Then in late 2005 it went from 23 dollars to 39 dollars. 69% gain. Starbucks is not a stock that trades with the market. Even during the tech bubble/crash it was a screaming buy. We will know in a few days whether its a buy or a short. My job is only to point out where the resistance lies. If it bounces with volume over that trend line then we have a deal. If it closes below then we have a short. There is no resistance for a little while under that support.
The spine has been broken. The only hope is that this breakage is a bear trap, however, I mostly believe now it will go to 23 and will wait patiently for lower prices.