Yesterday, I discussed AAPL's rally nearing an end and today's price action is supporting that theory. Negative divergence is also showing up on many other 60 minute charts I've looked at including the SP500, DOW and Nasdaq. Since the last time the market fooled me on my topping call I must say it can still go higher but I have a good feeling this time it has run out of steam. The DOW seems to have hit a wall at the 50% Fibonacci retracement of the January high. I'm looking to see if it finds support near the 38% level. Take a look at my Stockchart list and please remember to vote at the bottom.
Subscribe to:
Post Comments (Atom)





http://jackschartpatterns.blogspot.com/2009/03/negative-divergence.html?showComment=1238007540000#c873858093218571065'> March 25, 2009 at 1:59 PM
good call today, thanks
http://jackschartpatterns.blogspot.com/2009/03/negative-divergence.html?showComment=1238011800000#c7292338459541710100'> March 25, 2009 at 3:10 PM
At least I was right for part of the day. :P
I think a good arguement can be made for a correction being due. Whether or not that happens is anybody's guess. LOL Nothing goes up forever.....unless you are talking about deficit spending by the government.