Just a short post again today as I overdid it a bit yesterday sitting at my desk setting up iPads. My wife's just bought an iPad2 and I needed to transfer everything over from her old iPad, which I've now wiped and set up for myself to widen the range of what I can do during my necessarily long stints lying on my bed or the sofa. These are truly amazing devices, though it is irritating that neither Java nor Flash work properly from an iPad, so I can't modify my charts directly from it.
What I can do though is set up LogMeIn on my iPad to allow me to control my desktop computers from it. I've set this up for my wife before and you can even toggle between multiple screens on a single remote PC. Just incredible what can be done over a wireless connection nowadays & I'll be setting that up tomorrow.
Another weak day yesterday and I'm more than ever thinking that SPX is headed back to the March lows at 1249. As you can see on the SPX daily chart, if we hit the target lower wedge trendline in the next week then we should see SPX make a slightly lower low than the March low. That might weaken the potential H&S setting up on SPX, though not on ES as the neckline for that is slightly lower at 1241:
Short term I'm thinking that we might see a bounce into the 1290s before continuing lower. Cobra's done an excellent writeup on why we might see that and you can see that here. I don't check many blogs every morning but Cobra's is one that I do, and it is well worth a frequent look IMO. I have a short term resistance trendline on ES and a break up through it should be good for a cautious long:
While I have AAPL in mind so much this week I thought I'd post my AAPL charts to show where I think AAPL may be going in the short term and longer term timeframes. On the daily chart I have a rising channel from the 2009 low and I'm expecting the lower trendline to be hit at the retest of the April low in the 320 area:
It's the longer timeframe that's more interesting on AAPL though, and you can see on my six year weekly chart where I'm thinking AAPL is headed. As long as the current rising channel holds I'm thinking the next move up on AAPL should reach long term resistance in the 400-20 area:
I'll do a full post tomorrow if I can & will take it easy today to make sure that's possible. Happy trading today everyone. 🙂