The S&P today is not making new highs in trading today but it is looking to have the third close above a topside trend line connecting recent highs. That level comes in at 2046.69. The price today has been above and below level trend line (as has been the case over the last 3 trading days. So there is a cautious optimism in the price action. Staying and closing above, gives the buyers comfort. A close below, may solicit some selling.
S&P pauses at topside trend line resistance.
It has been 27 trading days since the bottom was reached at the 1820.66 level (at the height of the Ebola scare). The subsequent rally has seen the price move to a high of 2056.08 or a 11.44% gain off the low. Not a bad run.
Apple over that same time period has moved from 95.18 to a high of 117.28 or a 23.19% gain. Piper Jaffray upped its target to $135 from 120. UBS upped its target to $125 last week. The pair moved above a topside trend line last week and the price has surged higher. The broken trend line comes in at 112.43 currently. If the price remains above, the technical bias is more positive.
Apple breaks higher.
