(Red Apple) May 29, 2012 started with a gap up which was a breakout on SPX and then it completed a throwback test and finished strong. It's a very clear bullish formation, and a very high % chance for green day tomorrow (a morning run up/gap up, not necessarily a green close though)
AAP will retest $580 on May 30, 2012 with huge congestion at 580-582.5, a downtrend line, horizontal resistances and support trendline. For now, insisting on a limited AAPL run up, meaning the next staircase step of 590->600 is unlikely to me at the moment. I need to see conviction first. $580 retest is at a 75% chance. The $580 area is a big resistance.
SPY broke out and held the throwback support of $132.8. Then finished strong indicating a continuation pattern which is bullish. For May 30, 2012 my SPY target is $134.5-> 135 - > 135.5. First target of $134.5 is official, the next two are just showing you the staircase resistances. 80% for $134.5.
Don't feel a need to post the charts for this analysis because it's a fairly simple breakout formation that everyone should know. For clarifications, ask me on skype.
-Red Apple
