Monday, May 23rd, 2016

Some charts February 4, 2013

The SPX definitely reversed after putting an impressive rally on Friday with a bullish engulfing candle. This was a cause of no concern as it was expected that such move was due and this could be the pullback bulls and bears may be looking for the last two weeks. RUT also drove down from the opening bell and came to rest below its 10 day moving average. The next support on SPX is around 1484 levels and for RUT 890 area. If it breaks that the next move is down to the respective 50 day lines which is quite a distance from where this extended market has been. If you have not trimmed some longs and and hedged them it is still a good idea to do so.

RUT The leading index also closes below the 10 day moving average for the first time. The next area of support is 890 ish or so.

 

AAPL The bearish action in the market further pushed down this stock towards the 443-425 old gap and may be the next move will confirm this. It is an avoid or short at this time. The stock gaps up in pre-market and deceives longs as a regular pattern.

 

NFLX  Did not follow the market sentiment and moved higher . It is forming a classical bull flag pattern and the next  buy area is 177.35. The stock has lots of short interest and that can trigger a short covering if it makes a move higher.

 

GOOG Made new highs at 776 and reversed hard to finish the day at 756 ish area of previous consolidation. This shows lack of follow through and commitment. The stock is a avoid for now.

 

AMZN This stock had bad earnings and therefore got sold off to its 50 day moving average today. The next buy area is bounce above this line.

 

FB Lastly the stock got sold off hard and ended the day below its  50 day moving average. Remains to be seen if there is a bounce from here.

How you can receive your own copy delivered to your email  or log into members area ? Click here to subscribe

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!

*