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Markets Mixed, Apple (AAPL) Finds Support at 50-Day MA

Scott Redler

US markets finished mixed again Tuesday, avoiding losses across the board thanks to a late-afternoon rally. The Dow dropped 0.24% but the Nasdaq and and S&P eked out gains of 0.21% and 0.09%, respectively. European headlines continue to weigh down world markets amid reports that a Spanish aid request is not close.

Healthcare stocks were the top performers on the day, especially biotech stocks Amgen (AMGN) and Gilead (GILD) which surged 1.5% and 2.5%, respectively. The telecom sector was also strong amid M&A speculation, with MetroPCS (PCS) the big winner up 17.8%.

Apple (AAPL), after early morning weakness, faded most of the day until the last hour. We had been targeting the 50-day MA as a likely destination for a pull-in, and AAPL kissed perfectly off that level today. AAPL actually closed back above yesterday's low, and could bounce back up into its 21-day in the short-term. Today's high and low are your new short-term references to trade against.

Google (GOOG) continues to hold up best among the tech leaders, and only fell down into its 8-day MA for the first time in more than two weeks. The fact that GOOG held that 8-day MA level can keep the speed of the rally intact, but don't get greedy after a big run over the last few months.

*DISCLOSURES: Scott Redler is long FB, AAPL. Short SPY.