AAPL, BA And Dangerous Market Levels

Welcome back, gang! Let’s go ahead and take a look at a couple of things that you need to know right now. You can recall on some recent videos I shared with you how if your looking for long side buys, and there is nothing good to report on the long side, then wait to get back above these channels and show some support start to take back off. That would open up the opportunity for us to hit 26,000 and make a run for that all important 27,000. That is kicking the markets butt. I have shown you that week after week.
As you can see it continues, weeks later, and it can be a monstrosity for people looking at longs. So, where are we at with all this? With all that being said, we’re at some key market levels that you need to be noticing. Look at the S&P, were coming up on some key rising support and previous price low levels. Here 1500 on the Russell is very important. Here we have the Nasdaq around that 7250 area. And the Dax has been coiling up and consolidating in here as well back and forth to the 12000 level.
Really what you can see is, an area where we failed to break through the resistance, we are still holding on to support levels, but barely. So, if we start to break down through those support levels that could lead to more of that multi-month downtrend we saw when we hit this level before. We spent a lot of time moving down, but it took us several months to get back to those levels. Then we spent months again going down, 3 or so months, and then several months getting right back up there. Here we are again pulling away from some of those levels.
Armed with that information on the bigger picture perspective on a weekly basis is why the daily levels are so important. I have been having value buyers come to me saying “ROB, ROB what do you think of AAPL, BA,” Let me just go back and explain to you guys. I cleared off the stuff on the upper chart for a moment. All that is well and good. But let me keep one simple indicator for you form my trader rescue package. Help you understand what is going through my mind. When I look at this when we break down below this trader rescue package of indicators. That leads to really ugly moves down. When we break above, that can lead to some pretty great moves to the upside. It’s pretty simple and pretty straight forward. Which is why its part of the Trader Rescue Package. Focus on short, simple, easy to understand, easy to use tools.
Now you have seen what happened here. Now we have moved back below here. What should we be focusing on? Certainly not the long side. People asking, “Is it time to buy apple?” No from my perspective that is still catching a falling knife for the time being. Until we can push back above. I just wanted to show you one simple tool out of many that are on my mind right now.
Let’s take a look at it from BA’s perspective. Similar thing here, had a really rocky ride just did not want to get above and stay above the zero line, until finally over here. We went ahead and did that. That led to a nice move to the upside. Then the world came crashing down, literally and figuratively, with their disastrous news. Since March, of course, I was no big fan of BA since that time. We are just holding the gap in here.
So, what is to be excited about right now? That’s a massive resistance level up above there. So, you move all the way up here you would still be in a downtrend. You still have not moved above the zero line I told you about over here. That’s when we got down below and we have stayed below since. So you can see for those of you that are looking for good news and trying to bargain hunters, there isn’t a lot of good news at these current levels. We are not getting the buy signals.
Those are just a few I was looking at. Right now we are barely holding on by the skin of our teeth by these key support levels, If we break down below those that could lead to the deeper correction we have has the last two cycles coming off these highs. Again, please note back over here what I was talking about. You see some healthy moves to the downside.
So, this is a pivotal time in the market. It’s going to be an exciting summer, to say the least. I’m looking forward to enjoying the ride with you as traders and investors. Day traders and swing traders it’s going to be a lot of fun here the next couple of months. Have a wonderful night! Looking forward to seeing you at special events! Take care, everyone! Have a great evening!! To learn more about Rob Hoffman Trader, visit www.becomeabettertrader.com

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