I never delete my posts. Apple had turned lower intraday before it touched resistance. If you saw my other posts, you would see that resistance was a bit higher for Apple. It's still a bit higher. I would say around $101...it should definitely hit resistance. It's really when the chart hits that point so it's tough to provide an exact figure.
But, the point is that the risk increases when we approach these resistance points and it is better to sell or box your position until it either breaks or fails resistance.
It looks like Apple did a head fake earlier and propped right back up. Now, it is doing exactly what it was supposed to do in the first place. It has a very tiny bit higher to go before it hits it head on resistance and rolls over. I would be a seller at $101 if it makes it there.
Actually, I would sell now if I owned it and pick it up a few dollars lower. Again, this advice is for short-term traders only.
Unless there is some kind of breaking news today, be prepared to eat a shiny RED apple today. The same will be said tomorrow, Tuesday, Wednesday, etc. until it hits support which is quite a ways down. Sorry folks...we aren't going to see 100 this week nor the next unless of course there is some ground breaking news.
People lie; charts don't lie.
The market did break higher past the resistance point, but there is resistance right above. I doubt it will also break that resistance. Tomorrow is tough to call. The Nasdaq will definitely come down tomorrow even though Apple has a bit higher to go before it hits the ceiling.
Apple will go a tiny bit higher before it meets resistance. Start shaving off your long position if you are a short-term trader. It will come down when it hits resistance. I doubt it will break through. It will first come down after hitting resistance.
It's no wonder the market held off from selling off yesterday. It convincingly broke through tough resistance and created a floor today. At least, we are finally out of the little tight trading range. We are at a minor resistance point right now, but I believe we will break higher and then hit resistance within a day or two.
Then, we can finally come down. Let's see how the next couple of days play out. A sell-off will come as we hit the next tough resistance point.
Lighten up as we go higher in the next day or so.
Apple stock has a tiny bit higher to go before it bumps its head on the ceiling. If it breaks through, it will take some good force to do it. Otherwise, you can allow it to come down a bit lower before hopping back on.
Obviously, this only applies if you are a short-term trader.
The Nasdaq market has bumped its head on the ceiling. If you are managing risk, it's time to take some of the QQQ or TQQQ or Nasdaq stocks off the table.
If it breaks through to the upside, that would be something else. I doubt it though.
The Nasdaq market just hit its head on the ceiling. It should drop lower from this level unless it breaks through which I doubt since the market has been bouncing back and forth perfectly on the resistance points as of late.
The SPY (market) has a tiny bit higher to go before it will also bump its head on the ceiling.
I'm curious to see when we will actually break through from this tight trading range.
Again, let's see how we close today.
The SPY is at a minor resistance point. I would expect it to go a bit lower to the stronger resistance point which is incredibly close too before it bounces. Some could argue that it is already at the resistance point.
The Nasdaq market has further to fall...just a little more. Then, it should bounce higher off resistance.
The market has been zigzagging almost perfectly at the resistance points as of late. Sooner or later, it will break through either way. I doubt that we'll keep bouncing off resistance especially because it's such a tight range.
When we get closer to the resistance points as we are now, I find that it makes sense to move onto the sidelines or shave off profits or slowly box in your positions. If you are short QQQ or TQQQ, you probably have one more day or so to ride it lower before it bounces off the resistance point.
Things will get interesting once we finally break out of this range. I would be careful in this market especially when a veteran like George Soros doubles up on his short. Even if the market really tanks next year, when it tanks, most folks will be caught off-guard just like I was this Jan2016.
It's great that you were short today. That was definitely easy to see based on the charts.
Sorry folks...if the market indexes hold this level, the SPY is inching closer to hitting a ceiling. The market may sell off tomorrow or the next day when it does actually hit. The Nasdaq market has room to run a bit higher...moreso than the SPY. It too will bang it's head later.
So, in other words, enjoy today's rally and maybe a little more rally tomorrow if the market retreats a bit today. If not, then keep in mind that the resistance points are near except for the QQQ's.
Again, this only applies to short-term traders. Also, resistance points can be broken. It's just smart to let things run until we get closer to resistance points.
The Nasdaq market is doing exactly what it was supposed to do today. It bounced off resistance. We may have to give thanks to Buffett but even without his news, we were poised to bounce higher today on the Nasdaq at the very least.
I guess you got out at a good time. TQQQ should bounce soon. It's facing a tough resistance point and I doubt it will break through on the downside.
A profit is a profit is a profit.
It looks like we have improved from the lower levels from earlier. The Nasdaq market only has a tiny bit to go before it will likely bounce higher. If SPY continues to hold, then it will bounce higher prior to going lower again.
The resistance points are very close on both sides right now except for the Nasdaq market which is pretty clear. We should see a bounce in the QQQ's soon unless we break through on the downside which I don't foresee.
We better hold at this level or higher by the end of the day. Otherwise, the market is doomed.
To be honest, even if the market bounces, it would still bump its head on one of the resistance points.
If you had to take a position, hope for a bounce back from these levels today. Otherwise, go short the market and stay short. The small bounces will be sold off if again we break this level.
All retail seems to be getting clobbered these days. It's likely due to folks buying from online retailers instead like Amazon.