Rob Updates On AAPL And Key US Markets After The Buy Strategy He Implemented Last Week

Welcome back! Let’s take a look at a couple quick things. First of all, AAPL. This is probably one of the single most asked about instrument and I can see why. AAPL is important to many of us. But that being said, AAPL is still right where it was and has been for the last several weeks. It’s still struggling with the 161/162 area. That is a key and firm resistance area. Once again, we came back up and hit this band of resistance and we have a quick push up through, fails to hold and retrace. It tries again to break out through, fails on the pull back to hold and here we are again. Until that 161/162 band becomes support, there’s a lot of risk associated with AAPL. I’d really like to get to 164. Nothing has changed so keep the 161/162 level in mind.

I also talked to you last week about when bad news doesn’t make the market go down. There was a whole bunch of bad news last week that took place in the overnight session and yet the market held up very well. We said, when the sells don’t sell, it’s usually time to buy. You’ll notice here on the S&P, the Russell and the Dow, that’s exactly what happened – they took off. AAPL being constrained kind of hurt the NASDAQ. It has some serious work to do. It’s right around the 6020 level that I really want to get through. That’s a major resistance level and a distribution bar. We really need to make it a key support level to keep it going off. You’ll notice that the other ones have been doing well despite the NASDAQ’s misgivings. It’s all about the NASDAQ. It could offer up some continuation longs. When bad news doesn’t make the market go down, the sells don’t sell. It’s often a great time to buy.

You all have a phenomenal night. I’ll look forward to seeing you tomorrow in the live trading room or in the nightly videos. Take care, everyone!

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