Market Anthropology: Apple/NDX Update

Monday, February 4, 2013

Apple/NDX Update

Here is a daily chart of the Apple/Oil comparative with the momentum expressions of the TRIX normalized to one another. Apple appears very close to taking another leg lower – as apparent in the price structure as well as the TRIX.    

Although the NDX has not acutely followed the 2007 SPX topping comparative for several weeks, it has respected the retracement proportions of the pattern – despite the considerable strength in the SPX and RUT. It has also replicated (on a much longer scale) the price structure (H&S) of the retracement.