Let's stick to the action of the market. Here's a follow up on IBM. On a previous site, I included a chart of mighty IBM, with the warning that IBM was in a large H&S formation. Sad to say, since that warning, IBM has broken below the formation's support, and I now place IBM in the rapidly-growing "top out" category. To IBM's credit, volume did not increase when it broke support. Although volume increased substantially when IBM broke below its red 200-day MA. That alone should have sufficed as a warning.
Finally, a convincing upside reversal in Apple, which surged 38 points as of yesterday's close. Volume was huge on Friday's reversal day -- and up she went on Monday. If we're lucky, Apple should rush through its 200-day moving average (which stands at 592) and continue up to test its 50-day MA, which stands at 627. Fingers crossed, you Apple ... Log in or subscribe to continue reading.
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