7:15PM, Tipping Point

AAPL Two-Hour Chart as of 05/30/12

10:29AM, Cruel Market

(Red Apple) Perplexing market. Not good at all. Previous targets are now all invalid, breakout failed to hold. Be careful.

AAPL is still above support line though

2:14AM, AAPL & SPY Update

(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

5:30PM, Upwave in a Downtrend?

(Green Apple) US markets are closed tomorrow, but here's an update on AAPL's weekly chart:

AAPL Weekly Chart - as of 05/27/12

4:20PM, Bullish Cross - 2H

(Green Apple)  Could it be?  Why, yes, it is . . . a bullish cross on AAPL's two-hour chart !  What does it mean?  Up or down from here? 


Compare the time around APR'12 with APR'11:

AAPL - Two Hour Charts - Bullish Crosses

Compare the current (top left) with two previous crosses:

AAPL - Two-Hour Charts - Bullish Crosses

6:00PM, Stuck in the Middle Again!



AAPL Two-Hour Chart as of 05/24/12

11:11AM, AAPL Update

(Red Apple) Quick update,

$580 target today, 70/30 chances. Yesterday's close line must hold.

-Red Apple

7:25PM, Are we there yet? F*CK YES !!!

(Green Apple)  About damn time !!!

AAPL Daily Chart as of 05/23/12

11:36AM, AAPL too fast, too furious

 

(Red Apple) My perspective is explained on the chart:

Please don't do anything stupid !

 

-Red Apple

3:55PM, $555 fulfilled

(Red Apple) AAPL will likely be in consolidation mode for tomorrow -- don't do anything stupid now.

Reversed 20 bucks today.  The pace is surprising, not the target. We were short-term overbought -- got punished as expected.

-Red Apple

1:39PM, Update

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(Red Apple) AAPL gap has been fulfilled. I am neutral on AAPL now, unofficial target of $555 for retest. 

60/40 chance.

SPY, I am maintaining my bullish target of $134.5 with $134.18 as 38.2% retracement level drawnfrom $141.66 as 100%.

 SPY target becomes invalid if today closes below $132.3

-Red Apple

4:31PM, Target has been reached

(Red Apple) AAPL $560 target has been reached faster than I anticipated.  This is not good because we went from one extreme condition to another.  Note 60-minute AAPL RSI closed at 66. If we gap up to 565 (max 568 top), I would suggest you enter AAPL May 25 550 or 555 Puts. June if you are more conservative. July if you are ultra conservative. Exit at 50% gain.

Easy week so far.  Good luck!

-Red Apple