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I didn’t realize this until after the close (since I’m so caught up in other stuff during the trading day), but INTC – – once again!!! – – screwed up and released earnings before the closing bell. (How many times does this make it??) The stock popped huge based on the report, only to have those gains vanish after hours. Strange.
I was saying in my last post on Friday afternoon that the low made that day looked nice, with touches of the daily middle band and shorter term (from Nov low) rising wedge support on SPX. I was leaning towards seeing a retest of the all time high, which we have seen and more.
Now the rising wedge support touch on Friday was confirmation that the obvious rising wedge resistance trendline was the obvious target on a break up to a higher high with any confidence, and that was tested in the last hour yesterday, and then retested at the high this morning. That second retest held the resistance trendline again and SPX reversed on a high quality 15min RSI 14 sell signal:
Just like all other stocks tech-related, Intel (INTC) has been banging higher for years now. As shown by Slope’s quarterly earnings report calendar, this afternoon’s featured release is form the same firm: