- Apple has given two bearish engulfing patterns in weekly chart. We saw a Pin bar reversal candle at the top of the trend too.
- Daily chart has closed the day below 50 day moving average.
- Weekly indicators are also showing bearish things to come. Stochastic has triggered a sell.
- Weekly MACD is likely to give a sell in the coming week.
- Only hope for bulls is the weekly trend line which has to be broken by bears for the long term trend to change.
- So in all likelihood we are looking at the top of apple for sometime to come. Provided bears manage to break the weekly trend line.
- S&P 500 CLOSED BELOW 200 WEEK MOVING AVERAGE
August 20, 2011
- SPX closed the week below its 200 week moving average.
- Last weeks candle violated this level but was able to close above it. But this weeks candle closed below it.
- Its looking bad for bulls, If the recent lows are taken out then targets are much lower. I will be doing a detailed weekend update on SPX later.
- BEARISH ENGULFING OF AAPL
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