Stock Market Technical Analysis Blog
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After another nasty day of selling in the markets AAPL finally has a good chance for a bounce tomorrow.
Looking at the four charts above:
- the top left corner chart shows that AAPL printed a bullish reversal candle today
- the right corner chart, the five month chart of 120 minute bars of AAPL, we see that AAPL is attempting to turn back up on the lower line of its number four channel (number four of seventeen if you have them all drawn).
- In the lower left corner chart, we see that AAPL found support at the 108 EMA its favorite reversal point.
- In the bottom right corner chart, AAPL found support on the topside of the 84% Fibonacci retracement level off the April to mid May decline.
If AAPL pulls off the bounce tomorrow it will be just in time for the S&P 500 as is shown in the middle cluster below, where we see that the S&P 500 is about to fall out of its five month uphill channel and directly below it the VIX is about break out of its five month downhill channel.
Alan
AAPL & big picture clusters below:
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