Uptrend, yep. Really strong uptrend, yep. A velocity that continues to surprise your humble blogger-correspondent, yep.
Let’s go right to the charts, with very light “commentary” because I’m even more at a loss than usual.
– “Bullish above” (the upper green descending trendline) it was. (I’m referring to the 5-min “bonus chart” from yesterday.)
– Almost a 4-point gap up to start the day, and after some very quick consolidation AAPL didn’t look back, though it hit some headwinds close to 637.
– The “impatient uptrend” is also very evident on the hourly. Not as much of a volatility compression compared to a few days ago; AAPL’s off to the races again anyway. The “due for retrace” thesis is still very much contrarian on this timeframe, and one doji inside candle to end the day isn’t much of a sell signal as far as the micro instaneous read is concerned. MACD-h was apparently a bear trap – there being no downside follow-through after the brief MACD-h negative crossover.
Yep, wrapping up already with the daily chart:
– Still bullish. Still “overbought”. Still over the top Bollinger Band and all moving averages. And AAPL still “doesn’t care”.
See you on the virtual trading floor Friday.