Stocks are trading slightly higher on the day after an ugly drop yesterday. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $131.86, +0.60 (0.46%). This is a classic consolidation day and should be viewed as a bearish inside bar. Ultimately, based on the charts, this market will have more downside into the end of the week.
Apple Inc. (NASDAQ:AAPL) is trading slightly lower today. This is expected after a key trend line break down yesterday. If you connect the recent lows on the start stock starting on May 18th, 2012, the close yesterday clearly broke through the line. In addition, it also broke the 20 and 50 moving averages. This stock could decline sharply in the coming days.
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Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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