S&P 1326 pays another visit; Apple disappoints (me)
In The Market Today, our old friend S&P 1326 is back again.
The range of today’s bar encompassed virtually every bar for the past 8 trading days. Perhaps the managers are putting on the window dressing during this last week of the quarter. Who knows. We shall just trade the chart.
The Qs opened higher, dropped, then rallied strongly back above the important 40 level. Like the S&P, they’re still mired in a sideways range around a major support/resistance level.
Much to my chagrin, AAPL participated wholeheartedly in today’s NDX action.
It gapped up on the open, and quickly hit my stop above Friday’s high. However, it then fell back into the opening range, coming within 8 cents of an opening gap reversal (and an opportunity to short for an intraday trade). I actually had a stop limit order to short at 73.71 (just below the OR low) which wasn’t hit. Upshot? I’m out, and will watch the recent range of approx. 72.50-76.00 for a break.