AAPL earnings Miss likely jumpstarts short-term pullback Array ( [cookie] => a7daa0-bd504a-c324ff-195c57-98229c [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 2 [max_usage_crypto] => 2 [lock] => 1 [message] => [error] => [active_member] => 0 [subscriber] => 0 [role] => [visitor_id] => 481800 [user_id] => [reason] => [method] => ) 1 and can accesss
Thursday’s post close selloff in $AAPL likely jump-started the pullback that could last into early November. Factors such as near-term overbought conditions on intra-day charts, and the sudden deterioration in large-cap Technology look important just as S&P futures reached the 38.2% retracement of its August-October decline. Moreover, this period in late October was thought to be significant as a temporary stopping ground for rallies based on a couple short-term cycles I track. Yet, the vast improvement in sector strength, Small-cap participation as well as bullish mid-term seasonality and similarity to 1962 could all make any decline prove short-lived before further strength into December. Overall, two areas look important as possible support outside of this initial downtrend which held the post market plunge late Thursday: First, 3735, and second a zone of support at 3650-75, with 3675 being a prominent Gann target based on the 10/25 high close. Bottom line, dips will be buyable provided 3650 is not breached. Under that level, while an alternate scenario, would postpone any rally and allow for a possible retest of lows. However, even in this case, I expect that markets should likely bottom out by early November.
Small-caps have broken five-year downtrends vs QQQ
Interestingly enough, Small-caps have turned up quite sharply at a time when Treasuries have begun their modest rally. Yields pulling back under 3.95% has coincided with a big breakout of a lengthy downtrend in ratio charts of the Russell 2000 ETF ($IWM) vs. NASDAQ 100 ETF ($QQQ).


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