The Apple-led QQQ Nasdaq-100 Series ETF, below, shows a continued long and tight consolidation since the beginning of 2013. Many traders have complained about the choppy action since the initial surge to start the new year. However, another key headline is that those gains have largely held intact.
On the 30-minute timeframe, we can see that despite Apple’s continued weakness today the Q’s based out for much of the session after a morning gap down. Currently, the Q’s are trying to emerge from that intraday base for another strong close. Bull markets tend to open weak, finish strong. With plenty of lowered price targets for Apple now, is the resilience in the Q’s a message that the bull has sufficiently paid the price through a mere sideways consolidation before going higher?
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Haha, I love that picture.