Attempted Market Break Down Is Foiled Again
There is a key trend line on the SPDR S&P 500 ETF (NYSEARCA:SPY) stretching from January 31st, to the low of yesterday. This line has been hit multiple times between these two points and has bounced each and every time. Again, the market hammered this line twice in the morning session of trading today. Each time the 10 minute candle on the SPY closed below. As traders were set to pounce, the market spiked higher, negative the close. Each time the markets got below this major trend line, a buy program of epic proportions hit the market. Simply put, computer programs have been set up by institutions in league with the Federal Reserve to keep the markets from breaking this line. It is scary to think of the stock market as being so heavily manipulated. However, watching it trade over the last six weeks leaves little doubt.
As the markets are back in the green, Apple Inc. (NASDAQ:AAPL) is heading towards the major $500 level. It is currently trading at $495.73, +19.05 (+4.00%).
On the opposite side, banks are weak with JPMorgan Chase & Co. (NYSE:JPM) and Goldman Sachs Group, Inc.(NYSE:GS) both negative. The financial stocks lagging does usually send up a caution signal but with the powers that be backing this market, shorting is not smart.