Here is a chart of AAPL that was posted on 8/11/2014 highlighting the resistance level it needs to break in order to make a move toward a possible new high, and a support level that must be held or it could breakdown to a much lower level.
And here is what the chart of AAPL looks like after today's session. It needs to fill the price gap near 98. After it has filled the price gap, a new high is highly probable.
A chart of the SPY was also posted on 8/11/2014 showing how close it came to reclaiming the 194.70 level.
After pulling back from the failed attempt to retake the 194.70, today the SPY made another attempt to move back above that level and ended up closing above 195. If it fills the price gap between 195.63 to 196.98, then the round number of 2000 will be a target once again.
On 8/4/2014 this chart of the QQQ was posted showing different levels for the Qs to target.
As the following chart will show not only it was unable to break above the 95.35 resistance level, it was unable to hold above the 94.04 low. After failing to hold the previous low, it proceeded to form an intraday double bottom slightly underneath the 94 level. When it bounced off the double bottom pattern, a bull flag was formed while it put in a higher low zig-zag. And now it appears to be moving into filling the price gap at 96.98 after today's move. If the price gap get filled, a new multi-year high could be a likely target.
These are just some possible scenarios for AAPL, SPY and QQQ to make a new high in the near term. But as always, trade your plan and manage your risk.
