we all know that AAPL is responsible for a LOT of the point count out there … looking at the XLP/NYSE Index ratio and also the NYSE Index and it’s .382 retracement w/ the measured percentage move of 2000-2003 and the long term log trend line certainly looks like we should find some support HERE and NOW.
if these levels give away, it’s really not a good thing … read that last sentence again … they could very well give away. massive liquidation occurring right now. so … the “levels are the levels” but in this type of environment it’s probably a good thing to wait for a SRC on a weekly basis or something like that …
I’m simply trying (the operative word) to be unbiased and find SUPPORT levels that will stop this insanity. from there we can figure out the type of move (corrective, impulsive, etc.) and make detailed projections .. right now, am using measured moves from weekly/monthlies and then geometry to find the levels.
I am NOT advocating BUYing – just yet.