i’d imagine that unless you live on the moon, you are aware that AAPL reports earnings after the bell today. therefore, my guess is that the market will just flounder around today, with nobody too eager to take any new positions either way (long or short) in front of what will almost certainly be a market moving event. i’ll usually treat days like today similar to those pre-Fed announcement days; avoiding entering any new positions unless the set-up is very compelling or i want to proactively hedge my existing positions for what could be a sudden big swing in either direction as traders jockey for position after the announcement. speaking of which, if you are relatively new to trading and not sure what to do at this point, lightening up on or hedging your existing positions today is probably not a bad idea.
of course AAPL doesn’t release their quarterly results until after the bell so we’re probably looking at either a gap up or a gap down tomorrow morning. i will spend some time today culling through the existing set-ups and active trades for any updates and possible look for a few more set-ups to replaced some of the recently closed trades. if i’m wrong and the markets do make some type of big move today, of course i will update the charts. otherwise, the levels on the recently posted index and sector charts, as well as my near-term bias (down) remain as is.