re tops
On the 60 min charts, the longer term moving averages are above the short term moving averages, which generally means a rally failure. Since we closed at the 80 SMA on the 60 min chart, that would indicate that the biggest amount of owners of stocks would be selling at the open. There would be carry over from yesterday's end of day rally up, so the open will tell everything. The SPX has to stay above 1320 SPX and most rez is at 1330-1333. So odds are consolidation at best in order for the shorter term MA's to catch up. BTW, AAPL had a parabolic move since 313... Parabolic moves generally indicate a top.
Noticed CNBC had a firm talking up AAPL this morning. The disclosure was the talking head owned it, the company he worked for owned it, so guess what his view of AAPL was ... LOL I remember when Nokia was the darling of the stock market... Guess history never repeats itself...LOL Wonder why Obama doesn't say something about AAPL's earnings and the amount of cash it is holding on to... Is technology any different than energy. I think we should tax the heck out of AAPL because they are making so much money. LOL..... Oh yeah, this is a Dem company and we know that the Dems never show any favoritism to Unions or Dem owned stuff.... LOL
