Forget about the bad news you are hearing or reading out there. This is proof that consistently following basic indicators are much more reliable and highly probable of outcome vs hearsay. For all those who say that indicators lag and can never notify early enough. The question should be asked, how much more accurate is speculation vs a lagging indicator. We are talking about probabilities of success through technical signals as compared to gut feeling or emotional bias.
As of today's ending market, we have still an OB reading in our intra-charts despite a negative day. This does not change the ST where it currently sits in the UP position. PA also remains to the upside risk.
SEN: Bullish
ST: UP
PA: UP
Notice the UPPER BB line of the weekly chart above. This would be the weekly target for a possible ceiling or reversal point. With elevated reading in the Stoch. One cannot rule out hysteria of price movement. I did not say hysteria in trader or investor sentiment, but price. There is a big difference here. Clearly the sentiment in the community is bearish. Nothing but bad news after bad news while markets climb. So don't lose your head trying to figure out a reason for why prices are moving in such a bullish trend while the global economy is in dire state. Not even AAPL can sway markets down regardless of their haircut on iPhone production.
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