Another "one of those days"

I was anticipating a pullback once we reached resistance levels which we hit this morning. But the sell off and the now lower close than last Friday confirms my fears that we are far from out of the woods. The fact that the S&P 500 closed lower than last weeks big decline is sending confirmation signals that the markets are still too weak to overcome the declines. And the declines may still have more to go.

And Apple today sold off rather substantially. And it closed below its 20 day moving average which is a bearish signal for the stock, at least for the short term. A couple weeks ago I was predicting that Apple was topping out at the $140 range. It did not happen overnight but now less than two weeks later that prediction from the charts became reality. The Apple run is over. One day Apple will resume an uptrend but the recent run has been exhausted. In hard market sell offs the ones to fall the hardest are the ones that are too over bought, which Apple was. One web site I saw kept saying it was healthy and was going to keep going up. Unfortunately that web site author was too caught up in the hype I suspect and missed the clues.

A full market analysis later tonight.

Have a good evening Rebels.. I will post the market charts tonight.