For those that stuck out the weekend of a month ending and after earning's week, you are one brave soul. Sure every Monday has been a green day, but the higher our indexes go, the riskier trading becomes. Or at least it seemed so until today where Apple ran up the hill like a beast as soon as the day started. But then stuck to a trading range for the rest of the day.
But what's this? TWO gaps are open down below? Apple is way overbought at this point and needs to jump off the high point for a moment for some relief. From working with the RSI, I have noticed that whenever Apple hits 80 or over, its only a matter of time before the steroids wear off and Apple flies back down to earth. Although it tried to remain comfortable up there, it might backtest a few times on Tuesday to see if it is worthy staying up there. The purple line on this graph represents the RSI line for 80, although it is not perfect, it helps with visualization. This goose might be over cooked.
Will Apple fly back down this week? We will have to see. All I know is that when Apple goes down, the NQ also tends to go down as well.
But what's this? TWO gaps are open down below? Apple is way overbought at this point and needs to jump off the high point for a moment for some relief. From working with the RSI, I have noticed that whenever Apple hits 80 or over, its only a matter of time before the steroids wear off and Apple flies back down to earth. Although it tried to remain comfortable up there, it might backtest a few times on Tuesday to see if it is worthy staying up there. The purple line on this graph represents the RSI line for 80, although it is not perfect, it helps with visualization. This goose might be over cooked.
Will Apple fly back down this week? We will have to see. All I know is that when Apple goes down, the NQ also tends to go down as well.