DAX, Apple, And The Black Squirrel

One of the best things about Stocktwits and Twitter is being able to follow people from different time zones, specifically Asia and Europe. This morning I came across an interesting chart of the DAX by Andrea Calissano from Spain. He pointed out that the DAX may be making a 4th wave triangle from the June lows. This would mean another higher high, and fits with the thesis from yesterday.

If that is the case, then the chart below of Apple is probably wrong. But I'll share it anyway just in case. All the market does is continually provide information. This is just one way to interpret it at this juncture.

Yesterday's bounce in the S&P, while unimpressive from a pattern standpoint, was accompanied by a large daily point move and strong A/Ds. There are certainly enough stocks that participated in the move to propel it higher, but 1665-1670 still looks like the target zone.

In fact, it's a little surprising that futures are not higher this morning. So a rollover would not surprise me either, in that the rally stalled at the 50-day moving average and a 38% retracement.

1630 and 1617 remain in wait below.

I don't have much to add to yesterday's Black Squirrel event in the NASDAQ. It all sounds highly suspect and ridiculous. My bet is that the NASDAQ got hacked and the US government doesn't want to lose face by admitting it, but that's just me.

Meanwhile, amid all the excitement and diversion, 10-year notes closed at a new low.