Apple Inc. $AAPL reports earnings after the bell on Tuesday and things don't look so rosy.
The July FOMC (Federal Open Market Committee) rate decision is on Wednesday, July 27th.
Unless some concrete data comes up until the report, a 25bps interest rate hike or a strong indication of one in the upcoming meetings will send the S&P500 down in an initial...
- S&P is trading above its 100-period SMA, which has turned green, illustrating positive price momentum
- Breadth ratio is < 2.0, which is a weak bullish signal, but is starting to gain positive momentum
- Net Advance Decline Line is still < 1000, which is a "not as strong" bullish signal, but is above its 21-period EMA and is rising quickly to break 1000
price hasn't closed above the down trending inverted hammer
there is a morning star downtrend that bounced from support
the long uptrend has been broken.
if there is a daily reversal pattern, I'd wait for the next down trend to unfold.
then look for entries around the highs where the downtrend started.
at 3 touches to those highs, I'd look for reversals on...
$SPX created a BEARISH Wolfe Wave at market close on Friday July 8th. I would look for a short in the vicinity between point 5 and 5'.
As it stands, the target is the 1-4 line as far as the Wolfe Wave is concerned. If and only if 5' (5 prime) is hit will I consider Geo's Off-Set Rule at point 4 as the highest probability target.
2136.50: all time high
2127.60: high before brexodus
2112.10: 1st high and meanwhile support after brexouds lows
2088.90: 2nd low after 1st high and meanwhile support after brexodus lows
2072.90 : intraday high (as brexit-referendum came out)
2072.90 : 1st low after 1st high and meanwhile support after brexodus lows
between 2112.10 & 2072.90...
Every time the S&P has made a Balance area at it's all time highs it has sold off hard.
We just broke the most recent balance area to the downside again.. Looking for a bear run for quite some time. I fully expect market to revisit 1850's again, just given previous patterns.
Best of Luck
I can see a repetition of the same pattern that occurred in November, with a trend reversal (Price diverges from upper BB) after a rapid rally. Furthermore, the trend reversal occurred at a consolidated resistance point 2015. Finally the stoch indicator hints to a downtrend as well as the a bearish dominance that the negative slope of the balance of power...
I posted a similar chart earlier but I guess I'll post it again with a very minor tweak to the top trend line.
It's still going down the tubes, I think. Just a lot more gradually than I previously anticipated.
Watch your asset allocation and make informed trading decisions. :-)