Apple's on Deck as Bulls Look for a Catalyst

Stocks have a lack of buyers rather than a barrage of sellers.

Technical Edge — 

• NYSE Breadth: 32% Upside Volume 

• NASDAQ Breadth: 37% Upside Volume 

• VIX: ~$26.85

Remember, Apple has an event at 1 pm ET. That could be a big driver for the overall market (in both directions)!

AAPL

Game Plan: S&P, Nasdaq, Individual Stocks 

S&P 500 — ES

We are not plunging lower necessarily, but little by little, day by day, the S&P seems to be losing another level. 

It’s barely holding 3900.

Yesterday we had a look-below 3900 and the Thursday/Friday low before bouncing and closing back above these marks. We aren’t suffering the traumatic price action we did earlier this year (or at least not yet) and down 6 of the last 7 makes it hard to “sell into the hole.” 

But I am just having trouble being a buyer here. 

That said, a move over 3925 could put 3960 in play, while 3990 to 4000 looks like a potential brick wall for now. They are selling the big 100 to 120 point bounces. If we get that over the next day or two, it could be another opportunity on the short side. 

For now, 3883 to 3886 is a big zone. If we lose that area and can’t reclaim it, the ES can continue to trickle lower. That puts the 3830s, then the 3780s in play. 

SPY