Hi Everyone
DOWN WE GO AS EXPECTED …
Yesterday we definitively moved down, with leading stocks such as AAPL turning down as expected.
QQQ
The QQQ broke below its support of $58 and the OVI has continued into deeper negative territory.
SPY
The SPY hasn’t broken its support yet … but with the OVI turning down it’s likely to happen very soon.
Stock Highlights
I just want to highlight AMZN and AAPL which I mentioned yesterday.
AAPL
I said this was tentatively rolling over yesterday – the only word wrong there was “tentatively”! I’ve also highlighted the OBV which shows a real lack of new call option buying over the last month for AAPL which usually has a lot of fans.
AMZN
The Rising Wedge and OVI did show what was to follow – it plummeted as suggested!
So a weak day in the markets yesterday … we’ll see if this is the start of a summer sell-off after a pretty hot run over the winter.
All the best
Guy
