September 23, 2018 | What’s the Deal with AMZN and AAPL?

My two top bull market bellwethers, AAPL and AMZN, turned lower last week without having achieved their respective Hidden Pivot rally targets. (See the related ‘touts’ below for technical details.) The targets were moderately important ones based on bullish patterns begun more than a month ago. Although the targets remain viable, the corrective moves are mildly impulsive on the hourly chart and therefore significant enough to command our attention. It will be telling if the pullbacks exceed their a-b-c-d targets, since that’s usually a reliable sign that the dominant trend — i.e., the nine-year-old bull market — is weakening. We’ll probably know more by week’s end, so stay tuned to the Rick’s Picks home page if you care.
STAY INFORMED! Receive our Weekly Recap of thought provoking articles, podcasts, and radio delivered to your inbox for FREE! Sign up here for the HoweStreet.com Weekly Recap.
Rick Ackerman September 23rd, 2018
Posted In: Rick's Picks
Next: May Not End Well »