Always consider hidden risks
SPY ETF/Apple Shares: Still a Tale of Two Wedges?
June 22 2016 ( From TradingView, CNN Money )
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The market participants never gave attention to that two Wedges technical
pattern on a weekly basis on SP500 Index (SPY ETF) and Apple Shares.
In the case SPY ETF, we are within a Weekly Rising Wedge that
started back since August 18 2015.
(See First Chart Below - Thick Red TrendLines)
In the case of Apple Shares, we are within a Weekly Falling Wedge that
started back since October 13 2014.
(See Second Chart Below - Thick Red TrendLines)
The SPY ETF is making on a weekly basis higher lows and quite near a
Breakout / Breakdown. (See First Chart Below - Thick Red TrendLines)
Apple Shares are making on a weekly basis lower highs but further away
of a Breakout / Breakdown.(See Second Chart Below-Thick Red TrendLines)
Also interesting to note the Fear and Greed Index from CNN Money
as of June 21 is now at the Greed Level of 63.
And few of us realize that in fact, Apple Shares are under performing
tremendously the SPY ETF on a relative basis (ratio of AAPL vs SPY ETF - Daily Chart) since April 14 2016 when it reached the resistance trendline of a downtrend channel and broke soon thereafter the major support trendline that started back since June 28 2013! (See Third Chart Below - Red TrendLine - Ellipse) The Buffet move since May 12 was only a dead cat bounce.
Could Apple Shares continue tu underperform because of the Russell rebalancing: Apple to lose weighting in Russell index, shares could fall
"To fight and conquer in all your battles is
not supreme excellence; supreme excellence consists in breaking the enemy's
resistance without fighting."
-Sun Tzu, the Art of War
SPY ETF/Apple Shares: Still a Tale of Two Wedges? $SPY, $AAPL #Trading #investing #aapl #SP500
(SPY ETF - Weekly Candles)
Apple Shares ( AAPL )
SP500 Index ( SPY ETF )
20 DMA ( Yellow Line )
50 DMA ( Red Line )
200 DMA ( Green Line )
(AAPL - Weekly Candles)