Updated Moving Average: Apple Key for Market Bounce
Stock Market took another round of flush yesterday, if you have been following our daily moving average coverage since the market exuberant rally up to now- correction. Day 1 SPX hits record high, our indicators shown it as " widest" gap which is unsustainable from " conventional" moving average conversions. https://www.tradersfish.com/blog/blog_detail/152
Yesterday, our signal was : Nasdaq Composite Signaling Pullback" today, the signal is testing at extreme low, and now averting to 10% difference reversion. Notable, Apple testing the 10% line again, which the last time it has bounce after testing that. https://www.tradersfish.com/blog/blog_detail/164. Notorious Netflix and Amazon kissed its 20 moving average after forming double on its moving average.
Apple was the first to pullback while top index and top companies are still enjoying record high, the market portend that it cannot go on without Apple.
This is my very own unique formula gauging the market as when extreme rally or pullback, as it provides more clarity, I only use this during extremities, traditional charting is helpful for me during quiet period in the market.
- Apple (AAPL) Amazon (AMZN) Netflix (NFLX) Alphabet (GOOGL)
- SPY, QQQ, DIA, XLF, XRT, XLE, IYT, IWM, IBB, SMH
Twitter: @ Kris_tin27