Apple is now testing its 50-day moving average for only the second time during the incredible 55 percent rally, which began in late August.�� If it breaks here,� the next key level of support will be the .618 Fibonacci at $315.50.
We’re keeping positions very light to flat and the only dip we’re interested in buying right now is a French Dip at Mel’s Dinner.�� This has been a very powerful rally, but the S&P5oo probably needs to,� at the very least,� test its 50-day at 1285 before making the next move higher, in our opinion.� (click here if charts are not observable)
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