Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Monday, December 17, 2012

AAPL Lifts the Market

Stock Market Technical Analysis Blog

click on image to enlarge

Following up from Friday's blog, AAPL tested the safety net 432 EMA line in the premarket this morning and ripped higher through the day for a $20 plus gain from the premarket launch and lifted the market for a huge gain.

Looking at the charts above:

  • Chart 1:  Thr Nasdaq regained the horizontal channel and made its way to the blue incline channel.
  • Chart 2:  The VIX slipped out of the stock unfriendly blue channel.
  • Chart 3:  The VIX's green EMA prevented the red from crossing above as it did two weeks ago.
  • Chart 5 & 6:  We see bullish reversal candles on the week and day of AAPL.
  • Chart 7:  AAPL's bounce today from its 432 EMA line.
  • Chart 8:  AAPL's intraday run from 500 to 520.
Looking at the lower cluster above:
  • Top chart:  SPY bounced up from the lower line of its 16-month uphill blue channel today.
  • Lower chart:  AAPL bounced up from the lower line of its 10-month downhill blue channel.
If you follow my tweets, midday Friday I tweeted that I was expecting a breakthrough in the fiscal cliff negotiations today.  I knew it would be ideal for such an announcement to be timed with a big market lift point.  Today we had multiple breakthrough announcements.


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