This week just felt slow and sluggish. There was really not alot of momentum anywhere – breakouts were failing. There was no follow through as the market moved almost all it was going to move overnight. Personally I did not really like this week because of this. We are currently sitting in a daily wedge pattern that is yet to break one way or another – frustrating. Personally, I would either like us to be trending, or whipping back and forth ALOT with a LARGE intraday range, not this. That is obviously not what we got this week so we must move on and prepare for next week. I still think we really need to wait on the market to breakout of this tight wedge it is in currently. If you do not wait then the chances are that you will be chopped to pieces.
Apple closed over the 50 SMA for the first time since this downtrend started. Personally I am pretty bullish on the name and will look to it when the time is right and we are not in limbo inside this wedge.
Google is not really performing at all, the stock seems to have lost all momentum and just needs more time to let the base build up.
Nice reversal Friday for Amazon – Still needs to prove it’s self a little more though. One day does not change a thing.
Heading into next week, I would wait for the breakout of this wedge pattern and then trade in that direction. Do not get overly bullish or bearish – PATIENCE.
Feel free to contact me via Twitter (@BenCBanks) or email (contact page on this website).
The weekend charts will be posted on Sunday evening – I usually have a bout 20-30 charts analyzed with notes on them.. VERY HELPFUL.