Apple Reversal Signals Market Mood Change Underway (AAPL, SPY, QQQ)

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August 22, 2012 11:33am NASDAQ:QQQ NASDAQ:QQQQ

Yesterday Apple (NASDAQ:AAPL) gapped higher on the open and rose to an all-time intraday high of $674.88 a share, before reversing hard to end the day nearly $20 lower on relatively large volume. The S&P 500 (INDEXSP:.INX) did


much the same thing, finishing with a drop after finding sellers above the 1,422 closing high made in April.

Nothing gets traders more nervous than failed breakouts and S&P 500 has rallied nearly 9% since the beginning of June. After yesterday’s action “Book profits and leave early for Labor Day” is the prevailing game plan.

See the full Breakout video below:


Related: (NYSEARCA:SPY), (NASDAQ:QQQ)


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