- Bearish PIN bar of monthly chart is doing well so far. Bearish Doji Star of weekly chart has led price towards 20 Week SMA.
- Up trend line and 50 Day SMA too is at the current level. Breaking this level strengthen bears further for deeper correction. Holding above these levels may give an oversold bounce in favor of apple bulls.
- SPY ANALYSIS AFTER CLOSE
October 13, 2012
- Month chart shows the false spike out of the rising wedge and the follow up in favor of bears. If this continues price may target the support line of the wedge.
- Bears of weekly chart need the sell signal of MACD to confirm. Further extension of the down move will happen once the sell signal happens.
- Daily chart is holding on to the up trend line. Close below this line should give another fall initially towards 140 levels and further weakness may take spy towards 135 levels. Bulls need to sustain above this trend line and above 50 Day SMA.
- APPLE CHART ANALYSIS