Above is a posted video I did this afternoon that goes into detail on the action we saw in the markets today and where we are likely headed. I recommend watching it in full.

However, I will cover the action basics here – 

$SPY is holding higher and making a higher low while closing at ALL TIME HIGHS –  very hard to be bearish here.

$AAPL could need some time to bull flag out and base above the 50 SMA but ultimately a touch of 470 is likely. Looks a lot better than it did a couple of weeks ago.

$GOOG is going to be hard to buy now but overall it looks as if the all time highs are going to be tested (potentially taken out).

$AMZN is the dog house right now, not showing much strength and overall not really something to look at for either a long or a short.

With that said, WATCH THE VIDEO now.. I go into all this and more.

As always, if you have questions/comments please feel free to Tweet me (@BENCBANKS) or shoot me an email via the Contact Me page on this website. Have a great evening.

 

5-2-2013 BA 5-2-2013 SPY

Consolidating Higher w/Video – Daily Analysis