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I think they may try to close AAPL back above 431.30
The AAPL level I gave earlier worked amazing!!! 422.84 and what a bounce! I was having a late dinner so wasn't at my desk! :(
AAPL is looking extremely weak today. The 438 level is huge and for it to lose that so early and easily is not good. And trading although not confirmed below the 435.92 level is also extremely bad for AAPL. I did think AAPL could possibly find a short-term low at 431.30, but I'm now thinking it will get down to at least 422.84
1403.5 on spot gold is a decent scalp level. But data coming out in a couple of mins so be careful if u take it
AAPL BIG Levels are 438, 435.92 and 433.55
15 May 2013 US Markets Update: Twitter @TradeTechnicals https://www.facebook.com/TradeTheTechnicals Hello Technical Traders! Yesterday saw a big rally in the markets. Volume wasn’t horrible, but certainly not high. I was considering shorting at the close but I still see more upside left in the markets and on certain stocks, so I held off. The Nasdaq (QQQ) is lagging and showing some weakness, nonetheless, whilst it should be weaker than the SPY and DOW at the open, providing it opens ok, it could see some strength at the open as the technicals look healthier than the other markets. It can then be weaker once again. AAPL was a clear reason for NASDAQ weakness yesterday. AMZN will also be key for the QQQ and has closed below my major 268.50 level, however, for now, I am sitting on the sidelines on the short side until I see more evidence of a potential high. AMZN is still a strong stock and can continue higher to 274-275. It may have a weak start today but providing key levels are held and markets are strong, AMZN too should hold up and see a decent close. CAT continues to fall nicely off my short alert from the 89.75-90.50 level. As mentioned yesterday, it has a lot of support at 87 and I had a scalp long from 86.90 yesterday which was the low of the day. But CAT can ultimately get down to 85.42-85. My CVX target remains 126.04, but there is resis at 125 still. USD/JPY has a lot of resistance coming up starting at 10310 up to 10377. I will consider a swing short around the upper area depending on other factors at the time Euro should continue to go lower. I'd said at the start of the week that Euro should fall having closed below the MAJOR 12990 level. But 12877 is also a BIG level and it can hold on a swing trade basis, but not something I am keen to do just yet. I can see EURO at 12838 today and possibly lower.
EURO 12877 should be a good scalp level. I'm a little uncertain as price has been hovering just above for a while. So maybe it will get downs to 12868-70. After this it can get to 12857-52
"My next SPY level is 165.18, but 165 may be good resis as well." I was away from my PC but looks like both levels worked beautifully to the exact levels!
If IBM can break the 203.45 level it has upside initially to 203.90. SPY just hit my level exactly once again and a decent pullback so far. I didn't scalp it, but looks like it can give a 10+pt pullback.
Next SPY level I have is 164.87 as resistance, but given the time of day, I may not scalp it
Wow! Really chuffed with that! Caught the exact high on the SPY with my level and entry and out for 10 pts 1st half! I was a bit uncertain of the level which is why I took a 1/2 position as it is always hard when working at new highs! Also caught the exact low on CAT and took 36pts on the 2nd half
I took the CAT trade below out for 10pts 1st half. holding rest. CAT will fall if markets fall. But A BIG level at 86.90 CVX has a mountain of resis at 12.64 AAPL has good supp at 450.70 AMZN good resis at 267 DIA (DOW ETF) 151.38 DAX 8335 and my target at 8348 SPY 164.53
14 May 2013 US Markets Update: Twitter @TradeTechnicals https://www.facebook.com/TradeTheTechnicals Hello Technical Traders! Yesterday, once again, the US markets staged a recovery after early weakness. Let’s be honest, the markets are still moving up, but they are showing a lot of weakness, this does not mean they have to come down, but it does tell you this part of the rally is on weak grounding and that when markets do fall they should come down sharply. As I’ve been saying, I do expect markets to pull back this week with the DOW around the 15k level but can then rally back. I was expecting a May pivot top, and whilst that can still happen, I am not seeing anything so far to suggest a major pullback on very high volume, so it makes me think markets will either continue higher after this pullback or they will consolidate after putting in a high and then retrace with a bounce up before falling again sharper and on higher volume. Today, I do expect the DOW to lead the SPY, which is a sign of weakness in the markets. Last week I’d mentioned how the QQQ had what appeared to be a topping tail but advised you not to take a trade off it, and yesterday the QQQ closed above the high of the topping tail which technically dismisses the ‘topping tail’. But nonetheless, it is looking toppy, but my first real area of resistance on the QQQ is not until 74+, so still some way to go. With my expectations of a market pullback this week, it is tempting, to take a short on the QQQ with a tight stop above yesterday’s high, and I almost took it last night before the close, but something tells me it can go higher; whilst GOOG, AAPL and even AMZN are starting to look weaker, even they have signs that suggest they could continue higher. I’d mentioned CAT had big support still at 87.80-90 and that area held all day as the low of the day. CVX also held the level I mentioned intra-day at 122.20, again, which was the low of the day. It took a while for it to break out, but saw a decent recovery from that area. I did take a scalp long off the area but was closed out at break-even on the second half of the trade after taking 10pts on the first half. CVX is one to keep an eye on today. It has been a weak stock for a few days but is starting to show signals of strength, today it could make a big move up early and providing it holds key levels and markets remain strong, it could show strength later. Last week I’d mentioned that I was expecting further upside for JPM and yesterday it had a great rally off my 48.60-62 level. That remains a major level and is a level I’ve mentioned many times over recent weeks. JPM has upside to 50.98 and can possibly go higher and should be strong again today.
As I'd mentioned, the key was the 8269 level. Once it broke that it was able to fly! DAX now can actually make a new high (above 8359), so I'm going to hold my long for a pierce of the highs
I've just covered another 1/2 of my DAX long at 8275. I think there is still more upside potential but want to be careful.
That's good, I thought you were looking for a big gain, that's all! :)
I just took 17pts on 1st half of my DAX long from 8235 and holding rest. DAX is still weak, but judging by the BTD mentality, it can bounce!
Morning guys. Farmer - just keep an eye on the 12990 level on the EURO - it's a BIG level! It is above there for now so will take a bit before it lets price back through again. I posted a few FTSE, DAX and MIB updates earlier at: https://www.facebook.com/TradeTheTechnicals
Took a DOW scalp long at my 150.49 level took 10pts 1st half, 20pts next 1/4 and holding rest (on DIA level 150.49)
13 May 2013 US Markets Update: Twitter @TradeTechnicals https://www.facebook.com/TradeTheTechnicals Hello Technical Traders! So far so good, I took profits on Friday near the highs on my DAX swing short and so far a decent pull back. I do only expect a pull back for now and not a major correction, but of course, if key levels are lost then markets could see further weakness. US markets however, whilst they have been showing weakness in terms of intra-day action, they have also been seeing important bounces when needed. They closed strongly overall on Friday and so I do expect early strength, then we need to see how they close to determine if they will follow the European markets lower for a pull back. It is options Ex week and so anything is possible. I do expect institutions to toy around with the DOW 15000 level and the Euro 1.3 level, but I do think those levels are too obvious for a weekly close. SPY could hit 16500 this week. I am favouring US markets to hold up today with a potential weak day tomorrow which may continue and then perhaps a late week bounce. But it is very difficult to predict with Options Ex, especially given the European weakness already hitting. AAPL is still looking a little weak but has a lot of support between 448 and 453, but could see 445-446 and with weak markets AAPL could head lower. CAT made a great move down from my swing short area of 89.75-90.50, falling over 250 pts from the upper area. It is into some support around 87.80-90 so could see a quick bounce here but can easily fall further if markets are weak. Euro looks to like it could see further downside. It’s held my daily level of 13172, having pierced it but never losing it. But the key now is that is has closed and held below the major 12990 level. If it can get back above early today it could see strength, but for now, it is looking weak. EURO has support at 12936-40 (this is the level I'd mentioned on Friday which held and bounced nicely as the low of the day) but this level can now break and then my next level is 12921 GOOG is now a little tricky. I’d mentioned back in March my key level of 885, however, technicals are suggesting it could get up to the 902-905 area. Also, being Options Ex week, it could even make a bit move through the 900 level. If anyone is looking to swing short GOOG, do so with a little added caution. I do believe it is nearing a short-term high but it could just consolidate rather than give a larger pull back, although I do expect it to pull back.