After a few attempts, the SP500 finally made a new all time high. The question now is where will it go? Looking at the price actions, it appears it wants to go higher until various market breadth indicators get weaker.
Although in the near term the market seems to want to head higher, but couple of the big cap tech stocks appears to be bucking the trend, they are AAPL and GOOG. Both of these stocks are nearing critical support level. If they break below these support levels, they could lead the market down for the long awaited correction or a trend reversal.
Here is a video reviewing the market indices and the price actions for AAPL & GOOG.
Click here to view the video if you do not see a video player on your screen.
Correction: I inadvertently referred to the fib 161.8 as 168 in this video. It should be 161 extension.
Disclosure: No position on AAPL & GOOG
