Stock Charts: AAPL AND AMZN Down Big, but Market Holds Up Relatively Well!

$SPX 15 Minute:  I've got an odd wave count up, it's a wedge for 5 up.  I'm showing it only because it's unique and I doubt you'll see it anywhere,  This wedge might actually be a wave 4 wedge with E to follow, and then 5 up.  Currently, there several possible structures, and too many at this moment.

That being said, it's not bearish unless we get below 1,190 or support, regardless of the wave structure.  If we get below that, then it's possible to trade down to 1,150.

$SPX 60 Minute:  From the trading perspective I think it's much easier to focus on simple technicals versus the potential Ewave count.  We are stuck in No Man's Land of 1,190 and 1,232.  We do have a divergence forming on the RSI and MACD, but that's really about it.  If it's bearish the move down that started today needs to accelerate, which is what we should be watching to see if that happens or not!

$SPX Daily:  Again, we are stuck in No Man's Land.  And we could easily splash down to the 50 day MA or up to 1,250 (resistance) and reverse.  Mr. Market is still doing an excellent job of disguising itself.

AAPL:  Price has fallen back below the minor uptrend line.  While that is bearish, it's not significantly so!  We have divergences in place and we could trade down to the cluster support box in red.

IBM:  Day two of rest on the minor uptrend line.  If we get below that we could slide to the blue uptrend line.

$VIX:  A back test of the 50 day MA or something more to the upside? 

DECK:  Divergences on the RSI and MACD  Price is rolling over with the MACD.  We have cluster support in the red box.

DECK Monthly:  I can't ask for a better chart for shorting a stock.  Major divergence brewing on the monthly RSI, massively over bought MACD trying to roll over.  Pinching BBs with price possibly failing at the middle channel line.

AMZN:  Big down day on another market favorite.  Divergences continue to build and price is in an up channel but rolling over.  It will be interesting to see if we get follow through to the lower channel line.

From My Trading Desk:  I really thought I wasn't going to trade today because the market held up better than I expected given the down day in AAPL.  We did scalp a fractional short for a tiny loss on AMZN and a full short on DECK for a very nice gain.  The gain was 10 times the loss.

Going into the close we did put the short back on for DECK, as I like that monthly chart.

My goal is to keep my trades limited because Mr. Market is in No Man's Land.  This is not the place I want to make a lot of big bets.

Happy Trading.

J.D. Rosendahl, Rosey