Out Front Of HD's Price Reversal

After Home Depot (HD) announced earnings on Tuesday that beat the Street on most of the important metrics, goosing the stock to the 327.25 area, Mike Paulenoff cautioned MPTrader members.
He briefly discussed HD's near-term technical set up, which looked promising as long as HD held support above 315.21, but then added:
"From a Bigger Picture perspective, my work presents some less promising prospects for HD's potential upside price path. Let's notice on my attached Daily Chart that the last time HD's Price AND Momentum hit confirming new highs was on April 16th. The subsequent new ATH in price at 345.69 on May 10th was NOT CONFIRMED by Daily Momentum, and as such, represents a glaring non-confirmation that serves as a warning signal to anyone who is camped-out in an entrenched long position -- that the power driving HD higher has dissipated, and continues to dissipate as price moves higher."
Later that day, HD reversed sharply, closing lower on the session, injecting serious negativity into Mike's near and intermediate technical work. 
The poor performance of HD's stock did not go unnoticed by HD management. On Thursday afternoon after the close (at 315.90), HD "surprised" The Street by authorizing a new $20 billion share repurchase program. 
On Friday, after popping higher to 319.28, HD closed the session lower, at 315.77, despite the influence of Tuesday's strong earnings report and Thursday's stock buyback announcement.
HD's poor stock performance certainly appears to be reflecting Mike's problematic "bigger picture" technical set-up.  
What's next for the price of HD? Will it continue to hold above its 50 DMA (now at 313.80)? If not, to what target zones does Mike's work project weakness? Will HD weakness weigh on overall market direction?
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