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Well, the first quarter of 2015 is now history, and it wasn’t exactly a barn-burner. With all the central bank intervention, wild ride in oil prices, insanity in the Middle East, and whatever other lunacy was pressed into the last three months, it resulted in a Dow Jones Average that was……massively unchanged. It. Went. Nowhere.
After more than 5 weeks of consolidation, Apple Inc. (AAPL) looks like it may start another move toward new highs into the 135-150 range. Helped by a strong bounce in the overall market, AAPL already broke the 20-day moving average Monday and is moving toward the descending trend line at around 128. If broken, this is likely to confirm the end of the consolidation period and accelerate prices higher. Downside protection (stop) at 50SMA & horizontal support at around 122.
By Sinisa Persic, Trader.com.
SPX broke back above the daily middle band at 2078 and unless we see a strong reversal candle today that negates that break up, the obvious next target is over 2100. ES has been very weak overnight and we could see that strong daily reversal candle today, so I have the odds of more upside here in the 75% area with 25% odds on a break back down. If we see a break back down that breaks the 2039.69 low, then we may well see a move to the double top target in the 1960 area. SPX daily chart:
