NDX & SPX

2% more till the right shoulder of the Naz, & if SPX follows suit, thats right on its 161.8% fib extension from Nov 2012 lows, & also a multi year high. A suitable place for the bear to appear it seems.

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Apple trade & other updates

Went long Apple last week at 493, sold all today at 508.7 at market open. Apple has been popping at the open & fading, so took the trend opportunity to close out the trade. Holding into earnings is a huge gamble, so Im taking it easy as there will be new trade setups depending on the results.

Overall SPX is very complacent, with low volatility & mostly bulls. No hurry to do anything now as this basically means bigger & better trades with patience exercised.

Banyan Tree Holdings

Banyan Tree has fallen >40% from its 2010 peak, but recently has been forming a bullish ascending triangle & could be at the beginning of a secular bull. Target price of 0.80 if clears 0.71 & stays above. Short term support/resistance is 0.63/0.71.  Ideally it pulls back to 06.3-0.64 before ramping back up again.

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Apple update

Tom Demark called Apple’s bottom yesterday. He described himself as a timer, not a technician, so lets square up the current technicals for Apple. Its sitting right above its 100WMA & a long term trendline extending from March 2009. Assuming there isn’t another great crisis coming, this can be seen as a strong support. Weekly RSI hasn’t been this low since late 2008 to early 2009.

Short term resistance would then be 505 followed by 529.

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SPX

It seems the 100WMA is more important than the 50 or 200WMA for the SPX. Since 2010, the 100WMA has been a strong support line, therefore I would imagine the next decline to be no different. 1400 is line in the sand which also is 23.6% fib retracement of 2000 high (secular bear theory). Strong break/reversal from there is telling. RSI support trendline is also quite clear.

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Zynga update

Zynga has followed through on its ascending triangle & rose to a short term top of 2.70 yesterday, despite the Nazz closing -0.26%. I was long at 2.48 & sold all at 2.68 for about +8% in 3 trade days.  Lots of contrarian traders eyeing this stock, & it’ll remain on my radar.

DAX

One of 2012’s best performing stock indexes seems to have reached the top end of its multi-month rising bear wedge, so short/intermediate support would be 7500/7000 respectively. 7000 is near its 200DMA & 50% fib extension. The DAX has fallen every time its weekly RSI hits around 67, with quite a clear lower weekly RSI support trendline as well.

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