PBW breaks out!
This is a text book breakout. The price range expanded on the breakout day, volume spiked showing lots of interest from traders, and today we are seeing positive action following through the breakout. As long as this can hold above the lower support of the flag formation ~4.30, we will likely see higher prices.
SP500 closes at a new 5yr high
This of course is very positive activity. What we have seen since the low in 2011 is steadily higher highs and higher lows. Perfect uptrend action! Yes its possible that we could see a bit of a pullback from here, but as long as we stay above the previous low at ~1,350, this uptrend will remain intact; any significant pullback would be a solid buying opportunity. Pullback targets to watch would be 1,460 and 1,400. A break below 1,400 would create a significant warning sign.
On deck for today is the Q4 earnings report for Apple. Apple has lead the tech sector for years and after the recent correction expectations are low. Low expectations create opportunities for positive surprises, but we will have to wait and see. They announce after the close today.
Since our watch price triggered on AAPL, the stock has held up well. I have a feeling after today's earnings report we will see a breakout into a buy or our price level will fail. This is most likely the biggest report AAPL has ever had! should be exciting.
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