The daily chart of Apple (AAPL), similar to the S&P 500 (SPX), is running into a price exhaustion wall. Also similar is a large degree selloff is not expected just yet, taking the weekly chart’s TD Sequential counts have not hit a maximum point. Apple’s major event will be on September 9th, where they will likely debut the iPhone 6 and maybe some other peripheral products. Some consolidation leading up to the event will likely set up another run higher. Expect another analysis update check, leading up to the media day event.
S&P 500 (SPX) SHORT TERM OUTLOOK: BULLISH
Switch to neutral if SPX closes below 1986.47 today.
S&P 500 (SPX) SHORT/INTERMEDIATE TERM OUTLOOK: BULLISH
Switch to neutral if daily SPX closes below 1971.74.
TD Sequential’s first component, TD Sell Setup has registered a ‘9’ count and typically some form of price consolidation will occur. But given the vertical nature of the move, and the short term 4 hour SPX chart on an extended TD Sell Setup run, this suggests there is more upside after an expected pullback around today.
S&P 500 (SPX) INTERMEDIATE/LONG TERM OUTLOOK: NEUTRAL
Bullish if SPX closes above 1978.34 or bearish if SPX closes below 1925.15 on Friday, August 22nd.
S&P 500 (SPX) LONG TERM OUTLOOK: BULLISH
Neutral if SPX closes below 1872.34 on August 29th.