inthemoneystocks - Gareth Soloway, Chief Market Strategiest at InTheMoneyStocks, says that the reason the Nasdaq is doing better than the other major indices today is because of Apple.
Apple got destroyed last week and it got really cheap. It’s having a pre-earnings announcement bounce.
The major trend line that Gareth has been tracking back to May of 2012, was conclusively broke today. Notice the green trend line in the chart below.
This trend line going all the way back to May is huge folks. Now if we zoom in on today’s chart you can see that we tested this green support line on Friday, so we were watching this level closely today. Today, however, you can see that we have clearly broken below this major trend line support.
Notice though that you have a long candle stick shadow or what is known as a bottoming tail which could suggest a bounce and a float up into close.
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