AAPL, SLB, DJIA, and S&P Before NFP

As usual non-farm payroll looks to possibly have a big impact on today's trading. I've been following several stocks lately, but none really closer than Apple AAPL, Schlumberger SLB, and the S&P. Within the last few weeks I've also called for the Dow to hit 9000 as well and with NFP tomorrow, the uptrend is looking to either further the rally or start correcting. I still think a correction is overdue, but I don't want to start making predictions, only educated guesses based on my technical analysis. So enough of the chit-chat, here's what I have on tap for tomorrow. Keep in mind that NFP could throw the market on its head, so I'll do my best to guesstimate the upside and the downside.

Schlumberger is one that has been a bit tricky this week, following the volatility of crude. I am long and will be until a break below the lower trend, around 55. Target to the upside still is about 65. Even with all that said, my entry wasn't great but risk/reward is still about 2 to 1. In fact this trade from two days ago is still under water, but less than a point from break even. Another bad day like Wednesday, which a bad NFP report could spur, could easily put this trade to bed as a loss.

With tech being a beast this year, Apple APPL continues upward. I missed the 122 entry last week, but it should have been triggered around the bottom of the trend line, which still serves as support. The target originally, and still a good conservative target is 145 and has almost been met. I'm still a bull and really do think it could hit 150 in the next several days.


The DJIA average continues upwards with support around 8250, upside still looks to be around 9000. Note that the price action still is bullish, with most moves down being less considerable than the moves up. So for now the bias remains up, up, and then maybe down. As a side note, I don't think non-farm payrolls are going to be a shocker on Friday, and as much of the recent news has been, will likely be "less bad" than expected.


Finally the ever-important S&P500 SPX average has so far held the 920 level I cited a couple days ago and moved back up towards the 947 resistance level on Thursday. Bulls would love to see a close above 950 tomorrow and I am among that group. One important technical factor I missed with SLB the other day was a confirmation of former resistance turned support, which had I waited for that, could be up over 2 points right now, instead of almost break even. This holds true for the S&P, with a break of 947, followed by a confirmation of new support, likely on an intraday chart, makes a much stronger case. Speaking of a stronger case, notice a couple days ago that the S&P held the 20EMA which had converged with the lower trend line-- classic case and a beautiful one at that.

Well that is all for me for the day. Hope trading finds you all well on non-farm payroll day, especially those in the crazy forex markets

Sphere: Related Content

RSS Feeds

I spent the better part of an hour fixing my RSS feed, which delayed the analysis I had planned to post. So that will be later today (late night in NY, as I am in Alaska). For those who currently are subscribed to the RSS feed, you might need to re-subscribe to it, but that should be the last time as I have further verified it to be working correctly now so I won't need to make any further changes for quite some time. I'll also be adding real time quotes within the next couple days so when you visit you'll also be able to see further market action at the same time. Hope today was a good trading day for you all!

Sphere: Related Content

Site news

Well I should be able to post updates after market closes today in NY. I plan to take a look at the S&P (currently in a critical area for the fourth day in a row), AAPL (which is on track per my estimations), SLB, and DJIA. I also need to take a look at sectors for my own personal investment strategy re-alignment which is overdue, but that won't happen until at least this weekend.

Sphere: Related Content

SLB correction

In my last post I stated 56.66, but meant 57.66. I'd say we have broken that level convincingly today, so next support at 55. So to re-state, as far as correctness goes, I would be wrong with a close below 55, but either way, not a great call at this point. For those looking to go long, look for a bounce off 55, as I'm pretty sure that 57.66 was broken(not too late, could correct before close, but I doubt it). I'll provide further insight and a new chart later today or tomorrow.

Sphere: Related Content

Market check

Well it's been an exhausting two days and I've not been paying a great deal of attention to the markets. I don't have any new charts for now, but might do a couple later to further check the critical S&P, as well as AAPL and SLB. Just looking at prices though, AAPL is still holding well, but momentum has slowed. It should still see 145+ at some point soon, technically. SLB held okay yesterday, but is slumping today. I haven't checked crude, but I can guess it's pulling back some without even looking. If SLB holds 56.66, then the long is still in play. Today's close below that suggests I was wrong (but hey it happens). As for the S&P, we should still have support around 920, but as for the breakout above 945, well it just hasn't happened, so for now 920-945 is the area I would anticipate holding. We'll have to see if there is an end of day rally today to push back up towards break even and that ever important resistance area.

Sphere: Related Content

SLB June 2nd

I thought I would do a follow-up on Schlumberger today, since I really don't have time for much else. SLB broke resistance today, and on top of it all gapped up at open. Support should now be at 57.66, Friday's high, or the bottom of the rising window. I hesitated, but am long at 58.86, which is not a great price, but had I waited till close, either after hours or tomorrow morning who knows what the price would have been. Either way, target is now 65-70 and even with support at 57.66, if that were to break shouldn't get below 55 for the near term. I probably won't update anything until later on Tuesday, maybe as late as European open, as I have other commitments during the day. One other quick note, no forex yet, as I haven't gotten through reading a book by Steve Nison, which is a goal of mine before I start forex again(by the way it's also for sale at Amazon and I have a link on the right side of this site if you are interested.)

Anyways, here's the chart for SLB in anticipation of today. Here's hoping the housing numbers tomorrow help further the rally from today.

Sphere: Related Content

Where are we going, $SPX, $NIKK, $DJIA

Looks like we are headed up still, with the exception of the S&P, sort of. The Dow and Nikkei are definitely headed up for now, but the S&P might not continue upward. Tomorrow should tell the tale for the S&P for sure as we did not close above resistance, but closed right at it today. What does that mean, well I don't make predictions, but I think it is more likely that it breaks resistance at some point in the near future than it is that we retrace again. There is now support on the S&P at about 920 with the gap up and the rising window so the downside is about 25 points. If it breaks resistance at the 945-950 level then we could see another 50 points to the up before significant resistance again.

As for the Dow and the Nikkei(opening in a couple hours from now) trend does remain up, with support being the lower bullish trend lines for both. The Dow has significant resistance at the 9000 level with downside likely limited to the 20 EMA area. The chart I'm attaching for the Nikkei shows downside likely limited to the 9400 area, but I don't have an expected upside at this point other than the psychological level of 10000 for resistance.

Sphere: Related Content