It was one of those days that feels ALOT worse than it truly was. At the close the $SPY was only down about .39% (not bad). What made it feel bad (me included) was the gap higher over wedge resistance, and then a failing at resistance and a severe sell off. Right now there really is not much today. The obvious trend is still up but from a little more micro perceptive we are in a CHOPPY environment. It looked like we wanted to break higher out of this wedge pattern this morning with a gap higher but that was completely wrong, and now we basically sitting back in this tight channel that is annoying.
Apple ($AAPL) stalled out but did not trade significantly down like the rest of the market. I think it needs time to set up a new buy pattern. It is finally showing some signs of life but the over head resistance will be IMMENSE. Use some caution.
Google ($GOOG) failed today. It tried to pop higher out of it’s wedge pattern but the relative weakness pulled it back down to close barely red. I do not think it is really setting up. No strength. Just hanging around.
Amazon ($AMZN) is failing at resistance. Looks like it could trickle lower. It is somewhat out of play, and not worth the time as it shows significant weakness.
Goldman Sachs ($GS) is still below some major resistance and looks really weak. I would not be buying this stock right now.
Caterpillar ($CAT) looks really vulnerable here. I would not be looking to buy this at all. At a long term trend and looking to break it to the downside. Possible short candidate.