Well, since everyone under the sun is talking about Apple, I’ll talk about something that has nothing to do with stocks, charts, finance, or even the Federal Reserve. What caught my eye tonight was this video, which has, in a few days, gone multi-million-view viral:
Slope of Hope Blog Posts
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Merck & Co. Inc. (MRK) has been consolidating in a bullish flag pattern in the last two weeks after a move up from the 57 range to around 63 earlier this month. A breakout of the resistance at 63.40 could initiate new momentum and accelerate prices toward 65 area in the short term. Initial stop is set below flag low at 61.40. Originally published on TraderHR.com.
The rising channel that I showed yesterday morning didn’t survive much past the open. The rally from the AM low was strong, though fitful but I was thinking that things might just e back on track for more upside, though I was concerned that the rally from the lows failed at each of the three retests of broken channel support. I closed the day thinking that the uptrend was fragile, but might just get past 2064 into the highs retest area.
Overnight though ES has fallen hard, and at the time of writing is a clear 25 handles under the close, and well below yesterday’s intraday low, which on SPX is double top with a target in the 2016/7 area on a break below it. SPX 5min chart:
I’ve been up since 4:30 a.m., thanks to one of my dogs. Mojave wanted to go for a walk. It was obviously too early. So, bright pup that he is, he walked over to the other side of the bed, pressed the “on” switch to the floor lamp, and bang, that got me up. He does that whenever he really wants to head outdoors, sleep be damned.
So I’ll just say that I’m delighted, of course, at all the red on the screen (although someone needs to remind me to stop trying to short TLT; its bull market, I suspect, is going to continue for months on end). Let’s hope the selloff sticks for a change. The big question, ultimately, is whether the horizontal on NQ continues to provide support at about 4080. It will take a major disappointment to break this line. Something along the lines of…….oh…….Apple after the close this afternoon. Will it happen? I doubt it, considering how strong the Apple chart looks. But – – one can always dream.