Apple Sitting on 50-day Moving Average

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)

This entry was posted in Apple, Charts, Equities and tagged , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.