The above video is a recap of the day, something I may do more of. I am just trying it out a little now. The written portion is below.
Well today was interesting as the bulls got what they needed for higher prices but not in the fashion they wanted. I think that the bulls really wanted/needed was a tight consolidation day but instead we got another large travel range with a doji close. I do not like doji closes as they often lead to more chop.
Going forward I think the bulls need to hold higher again for tomorrow and really need to have an inside day – we have had a massive travel range it is about time for a small break.
Bears need to break the $SPY below the 8EMA and the ever so weak $IWM below the 50 SMA.
Still in a tricky part of the market – be careful out there. We are not see a ton of leadership.
Apple ($AAPL) still does not look that good, I think if it breaks the 419 level it could see much lower prices. I feel bad for the people who come to this site expecting me to say something different about $AAPL – nothing has changed the downtrend rules.
Amazon ($AMZN) is trying to bounce but needs to “hold higher” now. Something to keep on the radar once it build a little more momentum.
Google ($GOOG) had an ugly close today. I do not like that. I would not really be focusing too much time and effort on $GOOG as it is lagging now and NOT showing strength.
Financials ($XLF) showed a little strength today mid-day and then gave it all back int he last half an hour. I do not like that but at least they are trying to regain some composure.
As always, if you have any questions/comments please feel free to Tweet (@BENCBANKS) or Email me (VIA the Contact Me page)