Let’s look at a couple of the SPX charts for this week. These free charts can be found here. (Note – these links are dynamic and future readers should take note of the posting date.)
Price is doing just fine with respect to the roadmap chart. Price is a little above my guess and could come back 50-75 points while remaining on track.
The very short term SPX chart shows price already near the 50/50 squareout on June 9th. Price could move up and then back down or down to the 1:1 ascending Gann Angle and back up. My guess is the down then up scenario based on current price/volume action.
I am a bit worried about leading stocks such as Apple (AAPL), Google (GOOG), and Research in Motion (RIMM) appearing to be at the end of this cycle. But it is possible they hold up for several more weeks before moving down. Tops and bottoms are much easier to see than guessing what will happen inside a move within the roadmap.
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Tags: Apple Computer (AAPL) · Google Incorporated (GOOG) · Market Outlook · Price Retrace · Research In Motion (RIMM) · Roadmap2 Comments
Andy,
apple has been doing things a couple of weeks early this whole year…I know it sounds weird, but Apple usually sells off after macworld and earnings (in January). This time we were down 20% before macworld even started…
the runup into earnings ‘usually’ starts at around beginning of april, but this time it was in march or so…in point that is what is making me think that we are due for a correction (we would be due for one anyway), but that this one will happen sooner rather than later… (hopefully by june)…
Kurt – Sometimes tops take a while to form vs. a quick drop as in October. Price could stall here until June and then drop. It is tough to guess a stock based on a call for the entire market. My suggestion would be to trade AAPL as you see it and ignore what the entire market may or may not do.