Courtesy of David, All About Trends
We got the AAPL earnings out of the way now. And no they didn’t spin it as who can argue with the numbers.
In yesterday’s mid day update we said:
"So what if they pop the market on AAPL’s earnings? Well then it’s all about watching resistance levels (red downtrend line). When we look at AAPL (and VMW for that matter too) we see right up to a resistance level and both pulled away immediately."
See that? Basically right up to the little red 265 line and backed away. Basically anyone who had to have it on those great numbers AFTER it popped is for the most part down for the day.
Remember: Don’t get emotional and make emotional decisions, and don’t chase buses either.
VMW came out with earnings and it too popped and dropped. See the potential super mini double top? See the potential Head and Shoulders top forming with the left shoulder in place and the potential head in place or being put in?
In the two-day 1 minute time frequency we see today’s opening pop and lo and behold an instant drop hence pop and drop. Since that opening volley what have we done? Basically nothing. Plain and simple. Still though don’t rule out a "Back To The Scene Of The Crime" retest of the highs just because. But for right now? It looks like the magic into the close is going to tell us something.
Right now? Red lines are resistance. You can see even if we break the downtrend channel to the upside we still have the 1100 resistance level to contend with.
We’ll keep it short today as the mid-week newsletter is tonight.
***
To learn more about All About Trends, sign up for the free newsletter. David’s offering our readers a Two-Month Special for $10 a month. – Ilene
