Search This Blog

Wednesday, January 2, 2013

So many pretty charts - updated

Today's action is giving beauty to a lot of charts. I'll update this post later in the day with charts.

QCOM, FB, GS, JPM, AAPL, SLB, SP500 and 10yr to name a few.

chart update:

AAPL - The 38SMA acted as resistance during the last run, and that was breached today.  The intraday push back came from the weekly upward trend line.  This is the second test to the resistance. Looking for the AAPL to re-test the 570 area.

FB - The bounce off the 38SMA continues, and it has recaptured its positive bias. Not sure it can breach the 28 resistance level without an earnings catalyst.

GS - The 150SMA is being broken, it is quickly approaching the 200SMA on the weekly. The daily chart looks so pretty, but I am not chasing. I am looking for a consolidation between 128 and 133 before playing GS again.

IBM - Breaking its down draft. Its just pretty. It may consolidate here as the SMAs on the weekly are still resistance.

QCOM - A weekly consolidating triangle is breaking. Looks like QCOM wants to re-test its highs.  If Intel does not have much up its sleeve at CES next week, QCOM can make new highs.

SP500 - IMO, what should have been a year end rally took place in one day. Near resistance, but given the number of votes in the house for the cliff issue, the debt ceiling issue does not seem as uncertain.

A near term concern - The VIX lost 40% in 2 days. It is now approaching a level that makes me cautious.

No comments:

Post a Comment