Interesting open but then Monday opens are typically bullish which i didn’t really factor in my previous post. The market did make an attempt up through the highs which is all well and good but i wasn’t really getting any vibe that this was the big breakout, it almost feels a bit premature. The weakness into the close today felt like they may continue to chop and this was sort of a ‘false breakout’ but we will see if they can hold this 1840-1850 level for a few days.
Apple really wasn’t playing ball and was weak pretty much all day, i still believe they want to take it down to the $510 to $515 area before the next major move, whether up or down.
Here is a quick snapshot of the S&P today..
A big tail formed on the daily showing sellers were taking over into the close. I feel the market has run a little ahead of itself so expecting another major thrust after a huge move from 1730 feels premature. Of course, hot money could pile in and keep forcing the tape up into some kind of insanity but i’ll take it one day at time. Keeping some powder dry till i see further confirmation.
Futures are just slightly in the red tonight, nothing much to go on.