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I almost spilt my McDonalds coffee in my lap this morning when I read this headline…”Stocks Suffer Biggest Loss Since Thanksgiving!” A 1.57% decline is really scary? Not! Sure reflects how strong upside momentum has been for the past few months.
Now back to some small company called Apple….Apple recently ran into a 20 & 30 year resistance line at the $525 level and then blew through it. During this huge decline in the Dow, Apple declined enough to bring it down to the old resistance lines, testing them for the first time as support.
One stock does not make a market, yet what Apple does here at support might tell us a little bit about the broad market and for sure the Nasdaq 100!