SPY is currently trading below the bottom of the wedge (primary uptrend line), albeit on a non-impulsive breakdown as the market awaits earnings from AAPL & AMZN after today’s close. As stated in today’s video, the suggested stop will also be suspended today.
SPY 60m 2 April 30th
QQQ is also cracking below the primary uptrend line/rising wedge pattern non-impulsively, just as with Tuesday’s whipsaw breakdown, as the market awaits earnings from AAPL & AMZN after today’s close.
QQQ 60m 2 April 30th
Any marginal new high in AMZN will be a divergent high while new high or not, a solid break below this primary uptrend line off the March lows will trigger a sell signal on the stock.
AMZN 60m April 30th
AAPL current has solid negative divergence while trading precariously close above its primary uptrend line off the March lows. By my analysis, it’s just a matter of whether Apple makes one more post-earnings pop higher (to extend the divergences) before breaking below the trendline or not. Either way, we should have a good idea by the market close tomorrow or early next week at the latest. Should AAPL power through the bearish divergences and the first two resistance levels above (302.24 & 312), the 327.85 is the next significant resistance level as that is where the stock stalled out for 3-weeks following its previous quarterly earnings report.
AAPL 60m April 30th