$SPX 60 Minute: Back and forth between support and resistance. AAPL is off $23 in after hours due to a bad earnings report. That coupled with a weak IBM and the markets are ripe for a pull back. Very Ripe!
$SPX Daily: Today's advance pushed right into cluster support. This is the ideal place to roll over and AAPL might kick start that event tomorrow.
IBM: Price off sharply due to yesterday's earning release. RSI has divergences in place and price has broken down. If we get below the bottom wedge line that should add pressure to the markets to push lower. MACD is on the verge of a cross and turn down.
AAPL: Price is off in after hours big. If that holds we could open down around $400 in the red box. The stock is too big and popular to not influence the markets lower.
If this were any other monthly chart I would be short this all day. Price is stalling with a divergence on the monthly RSI with the MACD on the verge of rolling over and the BBs are pinching. Is tomorrow the start of the over bought correction needed in this big favorite? There are too many people in this stock!
I've got to get this off my chest: Based on the chart below, AAPL is a SELL or AVOID! Wow, did I really just say that about everyone's safe haven stock? You bet, nothing goes straight up for ever!
My Watch list: Even though the market was up strong today, even in the face of IBM being lower I still have no charts on the long side.
Let me say it: I think there's no way AAPL opens lower big a day after IBM drops without pressuring the markets lower tomorrow and possibly starting the pull back that seems logical. The two are just two big and integral to index performance
From My Trading Desk: Today, I scalped a gain on DVN.
Correction: Yesterday, I said we did not buy COP on Friday. Well, I found the account we bought it in and sold it today for a small gain, nothing terribly exciting but given where the markets pushed to, I thought it appropriate to sell another position.
Tomorrow should be another interesting day with the clear market favorite taking it on the chin in after hours. It's ripe for corrective behavior and that should influence the markets.
What might be a more important development is both IBM and AAPL have gone from bullish looking to not so bullish in two days. If they erode further in price in the coming days and weeks, it could change market sentiment and impact the market. It's well worth keeping on eye on these two proverbial safe havens!
J.D. Rosendahl, Rosey