The markets are taking a break after the monster rally on Friday that sent the Dow, S&P 500 and the Nasdaq higher by 1.65%. The overall markets are slightly lower today and volume is anemic. This is the week prior to the Labor Day holiday weekend and the Unemployment and Non Farm Payrolls data is due out Friday. Needless to say, the markets are on pause for these reasons volume wise.
Apple Inc. (NASDAQ:AAPL) has been one of the stand out stocks today, surging higher by $3.01 to $244.63 (1.25%). While strong, Apple was no match for the massive resistance area at $245.75. This level coincided with the high last Thursday and more importantly the gap fill resistance point from August 23rd, 2010. Apple ran right up into this level and was halted in its tracks. The stock has since pulled back slightly but remains very strong on the day. This will be the key level that must be broken if this stock is going to make any significant move higher. Note the chart below. To get more insight, analysis, guidance, swing trades and education, join the Research Center.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
