Rob Reviews AAPL And Other Markets On A Swing And Day Trade Basis

Welcome back! As you can see the strategy from last night was dead on target. We said if we were above the speed lines, we would be focusing on longs. If we fell back into the speed lines, we’ll be looking for shorts. The NASDAQ was a key focus today. On an intraday basis, we had a V Spike. It’s a spike down and a retracement back up. What we expect statistically is when it reaches back to the previous launching point to the downside, once it reaches that area, we expect it to pull back. With that being said, it stopped there. It also happens to be this 6000 level on the NASDAQ. We got up to that 6000 level, locked in a distribution bar. The next bar we attempted to break through and locked in another distribution bar. There were two distribution bars back to back. What happened? It rolled right back over, went to sells and down it went down to the evening. All off that 6000 level that is so important. Whether you’re a day or swing trader, you can see how important these levels are for actionable trading from my perspective.

Let’s take a look at a couple other things. With crude oil the $50 level is the sweet spot that we’re trying to get above. Look what happened today. It pushed up to 50 only to be killed back off and closed below 50 with a distribution bar. We’re watching that 50 very closely to see if we can make that a support level. That could bode very well for crude prices but not until you reach that area.

Everyone is asking about what’s happening with AAPL. I’ve been telling you for weeks about this whole 160/162 area. We just cannot get this thing to hold as support and breakout back above. It keeps pushing back down. Until that 160/162 has proven not to be a support level, there’s just nothing to do with this from a long-side perspective. There’s too much risk vs. reward. If I wanted to take a more aggressive trade, I would buy between this 15828 area and this 15720 with a tight stop loss behind here. Otherwise, we’re looking to see if we can hold this area to push back above this 16025 area to see if we can regain some confidence in the market here.

For KEM, from my perspective, since we’re having a nice uptrend to the background. I love to see that. Then we want to hold the channel. The way I look at this is a real tight stop loss back behind it. If it goes back above the speed lines and the 20 MA then I’ll be looking for fresh longs. The strategy is keeping the stops real tight. If we resume to the upside, then we’ll be looking for an opportunity to be profitable.

That was a handful of markets that I wanted to look at with you. We’ll look forward to seeing you in the Live Trading Room or in the weekend videos. Take care everyone!

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