November 27, 2011

APPLE Weekend Update

  • APPLE Daily is near 200 SMA
  • Indicators in daily chart is showing oversold readings.
  • Price is yet to confirm a reversal. Last chart shows a falling wedge like pattern which should help bulls if price breaks and closes above the upper trend line.
  • Price sustaining below 200 SMA and breaking below the weekly trend line will be negative for apple.

S&P 500 Weekend update

  • Weekly chart shows possibility of the correction continuing. Daily chart is calling for a bounce from oversold status with price calling at the Golden ratio. But for any turnaround price has to confirm by giving a higher close in hourly charts At the moment price rending down below 20 Hour SMA which should help bears to extend this fall.