Market makes a inside day AAPL , GOOG, FB, AMZN
MARKET UPDATE posted 02/11/13
SPX traded in a narrow range and stayed below the highs making a inside day on the charts. Friday was a big day and today all quiet and confined to narrower range. The big candle is overshadowing the smaller candle here. Most of the indexes followed in the same steps and registered an inside day on the charts.
SPX has been following its 10 day line consistently and keeping itself above it except for few days last week. Unless the trend is broken or it takes out the 10 day line the market is still moving up, even though it is overbought and has stayed overbought for the last 6 weeks or so.
AAPL opened higher and made a newer high to 484 and hit resistance here from the previous lows and pulled back to 479 levels towards close. The stock is still governed by the downward trend line set up for the last 3 months and tomorrow Tim Cooks speech may or may not give you a clue where this goes.
GOOG was down at the open sunk by the news that Eric Schmidt was selling 42% stake of his shares in the company. This is really not a reason to worry for the investors as the main principals are still holding their positions. The stock rebounded later in the trading day and re couped losses.
AMZN broke down below its 50 day line clearly and now remains to be see how this goes. The stock has been forming bearish pennant just above the 50 day line.
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