Yesterday the 10 DMA stopped the rally, today it is the 20 DMA.
Even though I have long positions on Apple, I cannot ignore the fact that breaking $420 today will be too big of a task. If the bearish triangle continues forming for the next hour, I am expecting Apple to drop to $415 - $416 into the close.
Strong 3.35% finish on Apple today, but fell short of the 10 day moving average. I expect for Apple to gap above the 10 DMA tomorrow and rally to $415. $420 test is expected later this week.
Apple broke out of the downtrend it held all last week and is rallying over 3.50%. Earlier the markets were selling off rather quickly but Apple formed a strong support at $409.35. We are now rebounding again and considering the higher highs we were setting off this particular support, $413 might be in the cards today.
S&P has bounced 50 points since the bottom on Monday. Friday tested 76% fib and also the 1600 level which was held successfully. Next resistance is 1620, but a move above 1630 will test S&P back on its uptrend support line.
Too much surprise, Apple set a low today just below $389 before rebounding as much as $11 higher. Considering that this rebound occurred while the general markets were selling off, it is only right to credit the upside movement to a technical movement. The candle that was left today is a complicate replica of the candle set back on April 22. If the pattern...
After hitting just below $389 intraday, Apple snapped back to post a high at $395.64 but has been selling off since then.
$884.50 is showing strong resistance while the 50 day moving average is currently being tested.
On the 5 minute chart BlackBerry is hitting a resistance at the 20 DMA. Long positions should be set aside until the downward trend is broken out of and 50 DMA is broken above.
SPX has gapped up for the third day in a row, and today it encountered the 50 day moving average. Unfortunately for the bulls it failed to break above and ended up selling off 0.50%.
This week is forming a dragonfly doji which is an indicator that we might be moving higher again. Prior directional doji's have been highlighted throughout the chart. Even though I am bearish on the markets..the doji tells another story.
This correction on S&P has sold off two times more than the prior corrections throughout the year. Support was found at 1560 today. Further support can be found at 1555 and 1540.
We had an intraday bounce of prior multi-year high at 1575. If we break under, short position becomes attractive.
Apple is currently sitting at a crucial support set back in March. A break below here will likely lead to a test of $400. BB gives us an indication that a bounce tomorrow would be in balance.
The selloff following Ben's latest statements on tapering have sent the markets on a frenzy. S&P has sold off more than 60 points since Tuesday.