Some charts SPX AAPL, GOOG, FB
Today is the last day of the full week of trading in 2012. The market opened with a big gap to the downside and still has not recovered yet as of this writing 9:00 AM PST. Reason? Fiscal cliff talks have failed to commit both parties to an agreement. Market was disappointed by the lack of passage of a vote in the Congress. An early morning press conference by John Boehner failed to impress the market and the Wall street. Please click to enlarge charts.
SPX gapped down at the open and now sitting on the 23.6% Fibonacci retracement from the November 16 lows to the 1448 highs. If it holds here the rally is still intact. A close above it will be very constructive.
AAPL has been frustrating to many traders lately. This one hour charts clearly shows AAPL is fully invested in a descending channel. This type of channel is usually bullish in nature. Any break above 534 would be a rally attempt to go higher. Meanwhile it is back to lower lows and lower highs.
GOOG is now touching its strong trendline in this morning gap down. Any breaks would increases its chances to 700 levels. GOOG has been resting for the last 3 days after a powerful run on Monday and Tuesday.
Facebook has been consolidating in this channel and has broken down once last Friday due to IPO unlock. We just have to see if it gets back above the lower trend line. The action in Facebook is now below its 21 day moving average which is not so good, since the averages are now flat, and can be easily breached with a slight movement downside.
Hope this market does what you are expecting it do before the Holidays.
Get more technical analysis, volatility trading, and advanced options strategies, click here to join our Premier membership it will help you daily in your technical analysis, and market direction.