Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Friday, November 16, 2012

Next Week At Bat...The Bulls

Stock Market Technical Analysis Blog

Click on image to enlarge

There is getting things on a silver platter and then there is the current setup that was completed and offered to the bulls today.
  • In the charts above, left column, we have the day 5 and 324 EMA lines showing QQQ and AAPL having the perfect pinpoint contact reversal and SPY having a price pinpoint bounce on the 324.
  • In the second column, we have the weekly candles of SPY, QQQ, and AAPL with the SPY and QQQ having modest reversal candles at the classic forced curb bounce setup and AAPL having its reversal candle deep into its bollinger band.
  • In column three, the daily candles of the SPY, QQQ, and AAPL we see that all three had nice bull hammer candles today, also at the lower bollinger and in an oversold condition on AAPL.
  • In column four, the SPY, QQQ, and AAPL are all 3 reversing at their 62% Fibonacci retracement levels...the Wall Street favorite.  
Putting it all together, the bulls will be at bat next week instead of the bears.  If they can't get at least a few base hits they'd better pack their bags and go doesn't get any better than this for them.


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