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.
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 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.
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.