Yes, nice move up today, but there are signs from AAPL that we may have another surprise leg down on the indexes. The Ratio charts for AAPL are all showing potential topping candles. I'm personally hedging with shorts on AAPL at the end of the day in case this is another bull trap and we go lower starting tomorrow. Also on the SPX, we're embedded bearish on the Slow Stochastic even with the move up today, so there's a chance that the larger players will sell this bounce.
Psychologically, you can imagine people who shorted "the news" this morning are now likely stopped out and people who are now bullish because AAPL is "ignoring the news" will be fooled into buying near the highs of today. Either way, 150 area is a strong resistance zone, so my thinking is to add a few shorts there just in case.
Good luck!
Psychologically, you can imagine people who shorted "the news" this morning are now likely stopped out and people who are now bullish because AAPL is "ignoring the news" will be fooled into buying near the highs of today. Either way, 150 area is a strong resistance zone, so my thinking is to add a few shorts there just in case.
Good luck!
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SPX target area reached
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AAPL at the bottom of a channel
