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PowerShares QQQ ETF Message Board

  • keybotthequant keybotthequant Feb 27, 2012 7:05 AM Flag

    AAPL Chart Overbot Rising Wedge Negative Divergence

    The AAPL chart has been setting up with negative divergence over the last 3 or 4 days. We were looking for a 520's print to top it off, it's there. Note the textbook blue rising wedge forecasting a spank down. The blue lines show the negative divegence and along with overbot RSI and stochastics, all want to see a smack down.

    Looking at the indicators thru January into February, note the green lines all showing a long and strong profile for price; this behavior demanded to see another higher high in price--and we now have that higher high in price. Of interest is the MACD line which punches out a tiny higher high, thus, after price receives this spank down, price will come back up for some buoyancy due to the MACD line, then likely roll over.

    The neon green circles show all the juicy gaps left open as price made its parabolic move recently. These gaps will likely be filled at some point in the future. The 444 level represents the bottom level of the island that formed above. Thus, price may come down and collapse thru the gap to create an island reversal, that will be fun to watch as the days and next couple weeks or more tick by. For this near term, the projection is a spank down for price now, intial targets are provided by the open and closing prices of that high volume candle at 514-ish and 498-ish. As AAPL goes, so goes the markets.

    For AAPL chart use search box above for keystone speculator.

106.28+0.42(+0.40%)Apr 28 4:00 PMEDT