The Stock Market Is Still Holding The Critical Line Of Accumulation. So What Next?

Welcome back gang! Let’s go ahead and talk about the markets and you guys come watch me do a little live trading here in a few days. So as we go ahead and kick off. First, of all this was an inside bar on two out of the four stock indices. As you look at the S&P and the Dow these two went ahead and were inside bars. Now that comes on the heels of the institutional retracements bars (RIB’s) that I was telling you about over the last couple of days. That is for one or more institutions now that has stopped the market from going down but drove it back up and that is big band of support below us. At the same time we have a lot of resistance right above us as well. These channels are very powerful resistance as you can see. So two of these bars ended up being inside bars where the highs and lows were within the highs and lows of yesterdays. Two of them ventured out ever so briefly and then came back in. So what we are looking at going into next week is we are going to be watching the key levels and going to be watching those accumulation levels very closely and I will show you why in just a moment. At the same time we will be watching the levels just above here. We really want to get above the Thursday and Friday highs especially on the Russel that could lead to some really nice opportunities. On the NASDAQ that could lead to some really nice opportunities. On the Dow and the S&P it would get us above the midpoint of these very important channels which could give us at least a little bit of clear sailing especially if the Russel is taking off here as well as the NASDAQ. So these key levels that we are watching roughly the 6766 level on the NASDAQ, 24344 on the Dow, 1565 level on the Russel, and 2675 area on the S&P. So those levels going into Monday we really want to see us push through to the upside. Otherwise, if we push to the downside we have some pretty solid support down here so that is going to make sure it is a little bit painful. For the big picture for swing shorts we really want to get down below that.

That ties us into thoughts on Apple. Notice that Apple is still struggling painfully here. We are still holding on for dear life. We got some key support underneath us and accumulation support on the weekly basis down here in the 150-155 area but we are holding on for dear life on the weekly chart. With that being said, right now we have pushed down below, pushed up two and pulled away from the accumulation bar admittedly on Apple. So we do have an accumulation bar so that means as far as I am concerned that Apple is on its last leg. They need to be able to get above this 166 level going into early next week and then you can breathe a little bit easier. But if it starts rolling back down below this accumulation bar which will also push deeper down below the weekly chart Apple and the NASDAQ could be in trouble. This is going to be a very key area to watch going into next week. We don’t want to see us pushing through that 160 ½ level. We would like to see it back above 166 for the longs. For shorts, let break back down below there and let’s enjoy the ride to the downside and be looking to short Apple proper or short the NASDAQ. Either way look to do very well with that. So those are a couple key things there.

Also, come join me live next Wednesday morning as I got a very special event. I do not do these public appearance much. I am getting ready for some big public trading competition over in Europe. Come watch me do some trading at this special event with Infinity Futures. You can go ahead and click the link that will pop up towards the end of the video here to sign up for the event for next week.

You guys have fun and I look forward to seeing you at the live trading event next Wednesday morning and also some big updates coming because we have some really great market opportunities as you can see especially with this fragile area that Apple is in. Have a great weekend we will see you soon!

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