Bo Yoder S&P Update

The S&P 500 (ETF Proxy – AMEX:SPY) continues to stay range-bound on its daily chart.  We are currently testing minor range resistance near $211 per share, but the odds picture I am seeing would predict a break of that range and a retest or minor breakout to the upside above the $212 level.

 

Apple Inc (NASDAQ:AAPL) has held up above the 50 SMA (orange line) repeatedly, “grinding higher” along that level.  While the price pattern shows a breakout is likely to the upside, my proprietary 3D Apex Predictive Failure Technology™ is telling me that this pattern is likely to set up and fail.  I am going to pass for now, and will feel no pain if it can stagger up to retest the highs as I will know that without a washout to the downside, this pattern doesn’t carry with it the odds for a successful outcome that I demand.

Valero Energy (NYSE:VLO) continues to push lower, and looks poised to hold below the 50sma (orange line).  This implies that the next stop will be the support offered by the 200sma (purple line), and I would take profits in full if that target zone is reached.

 

Freeport-McMoran Inc. (NYSE:FCX) formed the slight bearish whipsaw that I predicted in last week’s column, and now seems poised to push higher and breakout above resistance.  When this stock can close above the $19.80 level, I would trail stops to below the $18 per share area.