Uh-oh. A couple of FAANG heavyweights rolled down hard Tuesday after failing to reach their respective Hidden Pivot targets. Apple shares had appeared bound for at least 190.33 when they reversed from 188.99 mid-day along with the broad averages. AMZN was well into a weeks-long, 220-point climb to a 1842 target when it turned tail and dove from 1784. Both stocks could find traction and resume their ascent before the week ends, and that is what I would ordinarily expect. However, because the E-Mini S&Ps reversed sharply precisely from a longstanding rally target at 2858.75, odds are higher that today’s top could prove to be an important one. We should know soon — probably by week’s end — but it is hardly encouraging that TSLA and FB were relapsing and seemingly primed to fall.
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Tuesday, April 23, 2019
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