Apple is now testing its 50-day moving average for only the second time during the incredible 55 percent rally, which began in late August. If it breaks here, the next key level of support will be the .618 Fibonacci at $315.50.
We’re keeping positions very light to flat and the only dip we’re interested in buying right now is a French Dip at Mel’s Dinner. This has been a very powerful rally, but the S&P5oo probably needs to, at the very least, test its 50-day at 1285 before making the next move higher, in our opinion. (click here if charts are not observable)