Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
It’s been a remarkable rally for Apple (AAPL), and as over 10% of the NASDAQ, we can’t see any form of real selling in that index until Apple weakens. That nasty reversal mid month on huge volume, is now an afterthought even though technically a reversal of that magnitude almost always marks an intermediate top. This is one of those exceptions. The stock has been in overbought territory most of the month and the day it reversed had a RSI of 90… we are fast approaching that point again. I am out of adjectives to describe the action on this stock….
EDIT 10:01 AM – NASDAQ 3K for the first time since 2000!
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