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Apple delighted its shareholders with a strong earnings report last night, and its strength was an important element of equity elevation this morning. (As I mentioned on Tastytrade yesterday before the close, I wimped out of my Apple position and covered my short at a profit; good thing, too.) The gap from last quarter’s tumble has now been sealed up, and AAPL, while still up, has been slipping from its opening strength.
SPX broke support yesterday at the established floor at 2085, supported by the 38.2% fib retrace target and the daily middle band at the same level. SPX closed the day just above the test of double support at main rising channel and 50dma support in the 2076/7 area, and has gapped through that support at the open.
This is a potential breakaway gap through important support and what I’m watching closely here is whether that potential breakaway gap fills. If it does then this is just a break of the channel, which opens up lower targets but no more. If that gap doesn’t fill then it may well not fill until we have reached the obvious targets below, and we may then be reaching the ideal 1930 target area a lot faster than I was expecting. We’ll see how that goes today. If the gap does fill then the daily middle band at 2084/5 is now important daily closing resistance. SPX daily chart:
