Thursday, February 2nd, 2017

Market update and AAPL’s second reversal

The market is digesting previous moves still hanging there. There is a lot of talk about head and shoulders pattern on SPX and AAPL and that is what we have discussed here. The pattern is neither complete or convincing at this juncture, when you have it , you will see it. The jobs report is the most awaited number on Friday and hence it can change a lot of things how the market reacts.

AAPL had another major reversal today, setting a higher low and possibly a double bottom. The move looks more convincing after AAPL’s punishing down move yesterday, and we thought this stock is almost done for the year or gone. But coming this morning the reversal changed everything. Yes there is a death cross on AAPL and doubts about it. But if the stock retakes it’s 200 day those will be negated.

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