Stock Market Technical Analysis Blog
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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:
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.
Alan
