Stock Market Technical Analysis Blog
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Following up from last night's blog, Bernanke's team did indeed see the easy setup on AAPL and took it right from the open giving an easy $10 on AAPL to anyone who was watching for it to start at the open this morning.
By doing so, Bernanke changed the pivot direction on the Nasdaq and SPY shown in the left side top two charts above. AAPL's move also started pulling the VXX (VIX Futures) slightly downward in the top center chart above. This market intervention also made a nice shift in the on balance volume divergence on the SPY with a +100k shares of net buying shown in the second chart from the right above.
If Bernanke's team refuses to let up now that they have a direction change started, this could easily be the termination of a nasty correction that was about to begin. Hopefully they will follow through and take advantage of the fact that they have the shorts in a panic right now and with a closing Advance Decline of -145 there is a world of room above for the rest of the stocks to run the next couple of days.
By doing so, Bernanke changed the pivot direction on the Nasdaq and SPY shown in the left side top two charts above. AAPL's move also started pulling the VXX (VIX Futures) slightly downward in the top center chart above. This market intervention also made a nice shift in the on balance volume divergence on the SPY with a +100k shares of net buying shown in the second chart from the right above.
If Bernanke's team refuses to let up now that they have a direction change started, this could easily be the termination of a nasty correction that was about to begin. Hopefully they will follow through and take advantage of the fact that they have the shorts in a panic right now and with a closing Advance Decline of -145 there is a world of room above for the rest of the stocks to run the next couple of days.
Alan
AAPL and Big Picture clusters updated below:
Click on image to enlarge
Click on image to enlarge
Click on image to enlarge
