In the mean time, take a look at the correlation between the SPY and AAPL, definitely using AAPL to run the SPY. In AH they seem to be bidding up the SPY, interesting. Also interesting is the pains AAPL went through to go higher. There are several relative divergences in AAPL and a leading negative divergence. 3C on the 10 min chart is 10 points lower right now. The hourly chart correlates to nearly 16 points lower.
The 1 min SPY had some minor 1 min negative divergences, but if there were real institutional support right here, I'd guess we'd be seeing a large leading positive divergence.
This is one of the first times, I do suspect institutional activity to push this higher. This is the 4th and weakest attempt at a breakout.
Be back soon.
5 years ago
2 comments:
There seems to be a little bit of bullish talk on most of the logs right now of breaking through resistance. Interesting to point out when we were at the lows just 15 days ago there was the same talk of breaking down through the support that had built. Will C3 lead the right way again? We shall see.
aapl's move today could be a sign of lazy latecomers finally coming in to get long. after such a huge run in aapl and the indexes at major resistance, who else would enter here? its just like the equity p/c ratio signaling massive amateur speculation at a top. just a thought in my head today.
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