Wednesday, March 21, 2012

MArket / QQQ / AAPL Update

 Here's the DIA test of support, note the down trend, the bullish candle and high volume, this is almost always an intraday reversal, it doesn't mean much more then a reversal, there's no way to judge if it is short lived or lasts hours, but we see this often and often it is a reversal intraday.

 There's a small positive DIA 2 min divergence. IF the DIA fails here without much of a bounce, it will most certainly trip a lot of stops and create strong downward volatility.

 The QQQ's are the last to start the rolling over process, even the IWM and SPY have begun it, the DIA is just the furthest along. As you can see there are some negative divergences in the QQQ short term 1 min.

 Also a leading negative in the 2 min,

 AAPL put in a sort of Tweezer top yesterday (yellow), it was slightly exceeded, but still seemed to act as resistance as AAPL moved back below, AAPL is the key to the Q's and is leading negative on this 1 min chart.


 Also the 2 min chart.

 There's a relative negative divergence on the 5 min AAPL chart

 the same on the 15 min chart

 And even worse on the 30 min.

The 60 min has refused to confirm prices in AAPL since the 19th short term.

We'll see what the Dow does and whether the averages start to diverge.

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