The markets are slightly lower today as all eyes are on Europe. Greece and Italy continue to dominate the headlines as they try and avoid an epic collapse and default. The SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) is trading at $119.06, -0.54 (-0.45%). While the markets are waiting for more news, many tech stocks are showing bearish daily chart patterns. This may tell us of future weakness in the days, weeks and months ahead.
The biggest name with a bearish chart is Apple Inc. (NASDAQ:AAPL) . Note the chart below. It shows multiple bearish setups and is taking the PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ) lower. The bear flags are valid on the chart unless the stock closes above $404.00. This coincides with the 20 moving average. Should the stock take out the 50 moving average on the downside, the fall should become steeper, accelerating to the 200 moving average. This offers a classic risk/reward setup for the short side.
Amazon.com, Inc. (NASDAQ:AMZN) is another classic big name with a bearish setup. After earnings caused the stock to collapse sharply lower, a retrace has occurred. This took the stock up under the 20 and 50 moving averages. The stock is beginning to turn lower and a negative golden cross will trigger in the next few days. This may help the stock sell back down to the earnings low at the 200 moving average.
Gareth Soloway
InTheMoneyStocks.com
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Nicholas Santiago
How many years do you think the market will take to rise back to where it was?? I had over $100,000.00 dollars invested and now I’m only to see 1/6 of that. It’s boring be patient!!
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