Wednesday September 10, 2014 – Daily Market Commentary

Yesterday, I discussed the price action on Apple
as a result of their new product announcements.

Apple closed yesterday at $97.99, after opening at $99.08.

So, basically Apple closed down $1.09, after having
an intra day range of over $7.

Today, Apple has started to head back up and is up
$2.29 as I write this.

I also mentioned how the S & P 500 made a high
yesterday at the exact same time that Apple did.

Like Apple, the S & P 500 has moved up today.

But the question is were you looking for a reversal
today?

I use the VIX to help determine if the market is
due for a reversal.

Today, the VIX stopped right at a key level of
resistance. That was the clue that the market
should head up.

No, I cannot share the specifics here because I
have members who pay me for this information.

But, once the VIX reversed to the downside, the
market should head up.

The S & P 500 was also oversold on a short term
basis, which helps to confirm there should be a pop.

How can we know if this reversal should last?
Or if this just a one day pop?

Here is a simple way to help add credence to the
reversal.

The midpoint of yesterday’s S & P 500 daily bar
was 1,992.81. A close today above that level
would add credibility that the reversal should
hold and continue for a few days.

As I write this, the S & P 500 is trading at 1,995.31
or about 2.50 points above that level.

There is still about an hour left in the trading day.

But, watch where the market closes and see if
there is follow through.

Just a little tip to help you wade through the market
maze.

 

This entry was posted in Daily Commentary. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *