I cut back on my long positions in my trading accounts on Monday. While the QQQ is still in a short term up-trend, the QQQ closed below its 30 week average, a very ominous sign. IBD considers “the uptrend under pressure.” Reaction to AAPL’s earnings announcement tomorrow evening should tell us a lot about the market’s sentiment. The T2108 is at 60%, in neutral territory.
$AAPL gets wacked. This is a classic case of technical action warning about fundamentals. Stock was in an ABC correction since march. After todays close and ER, the C wave began and I would expect more downside to this stock.