Stock Market Technical Analysis Blog
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Following up from my closing paragraph from last night's blog where I mentioned that Wall Street would have the opportunity to easily bounce the market this morning because of the 5/20 EMA line bounce setup appearing on AAPL and the major indexes last night. We did indeed have a relief rally and it was huge. The red/blue 5/20 bounce set up I mentioned last night is shown above in today's daily bars charts of AAPL, SPY, and Nasdaq on the left side above. As usual nearly every stock market news site out there had a different cut and paste reason for this rally.
This technical relief rally was timed perfectly as can be seen by the right side chart VXX (VIX futures) where we had a red\green 5/10 EMA juncture last night and today's big rally started turning the red 5 back down, avoiding the dreaded VXX 5/10 up cross at least for today.
Alan
the AAPL cluster and Big Picture Charts are updated below:
Click on above image to enlarge
Click on above image to enlarge
Click on above image to enlarge
