Always beware of a stock that's down when the overall market is up substantially.
It's often a telltale sign.
Both the S&P500 and the DJIA were both up more than 1.5% while $T was down more than 4%.
The chart shows a long term bullish price pattern that failed. It's not likely to repair itself.
AAPL reports on 29 January 2019.
Things don't look good for the stock right now.
The broader stock market has been on a tear since Christmas, but Apple's stock can barely get up off the mat. $140 and TAOST Low Power Zone look like good support, but nothing can hold up a market determined to collapse.
One of my favorite trading strategies historically was to buy stocks that went up when the overall market went down. It stands to reason that 1 should sell stocks that can't go up alongside the broader market... especially when the stock is supposed to be a market leader.
I say all that to say that it appears to me that Apple is in trouble.
Only the future will tell.
S&P 500
DJIA
It's not quite time to go all "horns up" folks.
To be sure, the bounce has been "strong like bull." But, as the charts above show, structurally, the broader stock indices aren't out of the woods just yet.
Both the SPX and the DJIA are only just challenging TAOST Magnet Zone™ (TMZ) from below. Price is already stretched to the upside, so beware of getting long here. In fact, don't be surprised if price rolls over and traces out lower prices... in fairly short order.
GS
The Goldman Sachs daily chart shows that today's 10% move higher only pushed price toward significant resistance above in TMZ and a separate long running resistance zone.
The selloff may indeed be over... but make sure price validates such a thought by closing above these areas of resistance.
JPM -- JP Morgan has work to do to get change from its negative structure on the daily chart.
WFC -- The red horizontal line was support... and is now resistance.
DAL -- Like many other large caps (including other airlines) Delta Air took a steep nosedive and is likely to have a hard time moving back to the upside.
UAL -- United Continental looks like it has an important support test coming up.
Citigroup reported before the market's open this morning and rose a bit over 4% over the course of the day. While many market commentators breathed a sigh of relief, pay attention to the $60 area... It should be pretty good resistance.
TAOST Intraday Power Zones worked at points 1, 2 and 3 today. That's not an unusual occurence, but I thought I'd mention it here today.
If you have discipline and patience [TAOST EC], you can use TAOST Power Zones to make money intraday.
Simple.
Remember that list of small cap ideas TheStreet published as good long ideas back in August?
Well here's an update...
LGIH -- This was the 1 name that looked like it had a real chance given it was bouncing out of the top of TMZ... Ah, but no. Incidentally, TMZ is now resistance.
BZH -- This stock had gotten slammed about 6 weeks prior to its publication as a small cap idea by TheStreet. It was teetering along the bottom of TMZ and after a 1 week Shooting Star style candle, it fell apart.
PBH -- This stock never had a chance... It was below TMZ in August and that never changed...
GPOR -- Price has been held in check to the downside by the down trend line for quite some time.
COG -- This stock also held below TMZ after being turned back in early 2018.
Remember, like "Ball Don't Lie," "Chart Don't Lie..."
