I try to get posts out as fast as possible, but while I was putting out the last, AAPL made the move above today's early resistance (Friday's close) and is in the green right now on the day.
The charts in the shorter timeframes became more positive as expected.Now the $501.20 and $505.75 area will be "Technically" important as markers on this move as they are the next area of resistance from the large daily descending triangle I showed you in the last post.
3 min is leading positive even stronger, the yellow trendline is earlier resistance.
And this is probably the entire trade set up on a 10 min chart, it is leading positive here as well so I do think there's more room on the upside.
As we suspected with the market's losing their correlation to each other, the SPY has continued to lose it's momentum, the TICK continues to lose its momentum. The oscillators and momentum indicators (as well as 3C) are either deteriorating or simply holding and not getting any better. The next area for the SPY that will be of interest for me would be around $148.50 or below.
The DIA in specific looks to be losing a lot of ground in 3C. The IWM is sort of parabolic looking, but doesn't look as bad as the DIA as far as 3C goes, the Q' are kind of blah, but they don't look as bad as far as 3C goes compared to the other averages. Keep an eye on the DIa, this might even be worth some kind of downside day trade.
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