Comments on: Bearish Rising Wedge Patterns on Stock Index Futures

By: jst20946

jst20946 — Fri, 02 Nov 2018 13:29:56 +0000

In reply to rsotc. Thanks for reply

By: pcchien

pcchien — Fri, 02 Nov 2018 13:17:48 +0000

Good analysis with logic reasons behind.

By: rsotc

rsotc — Fri, 02 Nov 2018 12:55:42 +0000

In reply to jst20946. Just a hunch. AAPL has a cult following, not just with their phones but their stock too. As such, it wouldn't surprise me to see the AAPL bulls jump in to buy the stock after the market opens today & if so, that would pop the indexes higher. Maybe, maybe not but if AAPL does pop up to the 216 level, that is a resistance area that could contain any post-opening rally.

By: jst20946

jst20946 — Fri, 02 Nov 2018 12:26:08 +0000

In reply to rsotc. Why do you think we would see a pop to 216 area first?

By: rsotc

rsotc — Fri, 02 Nov 2018 11:33:35 +0000

Also, keep in mind that AAPL, the largest component of both SPX & NDX, is currently trading at 208.70 in the pre-market session. Should the stock open below the 215ish support and/or failed to recover that level at some point today, that puts the stock on a breakdown/sell signal, which is likely to put pressure on the rest of the market.

Again, let’s see what the regular session brings today once the institutional players step onto the field. My best guess would be a pop on AAPL back up towards the 216th area followed by a reversal but anything can & will happen today so let’s see how the market digests the AAPL quarterly results & guidance during the regular session today.