Stock Market Technical Analysis Blog
Click on image to enlarge
There was almost no change in the EMA charts of the Nasdaq, SPY, and AAPL shown above from last night to tonight. The Nasdaq & SPY are at a pivot and are holding there. The VXX at the center upper chart is still stuck with its 5/10 going sideways. The AAPL did get the obligatory bounce in the bottom left corner chart above which produced a hammer reversal candle that is shown in the lower center chart above.
Bernanke's team will be hard pressed to get a better setup to take the market up tomorrow by using AAPL's reversal hammer candle on its 50 day EMA line as the driving force. Also the wind will be at Bernanke's back tomorrow as AAPL has developed a nice week wide on balance volume push divergence as shown on the far right chart above.
If tomorrow is Bernanke's big day in the stock market, it will be just in time for as we can see in the SPY on balance volume chart above, second from the right, that even though the SPY has trended up for the past five days we still have had a deluge of net selling as the blue on balance volume line continues to plummet indicating people are running for the exits in droves.
Bernanke's team will be hard pressed to get a better setup to take the market up tomorrow by using AAPL's reversal hammer candle on its 50 day EMA line as the driving force. Also the wind will be at Bernanke's back tomorrow as AAPL has developed a nice week wide on balance volume push divergence as shown on the far right chart above.
If tomorrow is Bernanke's big day in the stock market, it will be just in time for as we can see in the SPY on balance volume chart above, second from the right, that even though the SPY has trended up for the past five days we still have had a deluge of net selling as the blue on balance volume line continues to plummet indicating people are running for the exits in droves.
Alan
AAPL & Big Picture Clusters Below:
Click on image to enlarge
Click on image to enlarge
Click on image to enlarge
