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9:47 AM — Apple is looking very strong this morning. Yet, it’s starting to approach multiple resistances here. First, we had a resistance level at around $345 but the stock didn’t really seem to care. But it will have other major resistance levels at $347 and $348 as we mentioned in the morning. The major breakout level resistance is of course, $352 which it has had a lot of difficult breaking through over the past 6-months. If we get well above that level, the stock could be telling us that’s now in rally mode and nothing is going to stop it.
12:43 PM — Apple is forming an intraday ascending triangle. This is a very bullish formation. However, I would caution that the SPY looks like it wants to roll-over anytime now. We’re starting to see signs of intraday weakness on the SPY. The ascending triangles is they break one way or the other. In the overwhelming majority of cases it’s up. We don’t see a breakdown that often. But if it fails, then it’s down. Thus, if we get a SPY roll-over, there’s a chance that this ascending triangle can breakout to the downside. Continue reading