The much anticipated Apple earnings report was just released after the close of NY trading this afternoon. And it was much better than expected! Apple's stock price is up about 6% in after-hours trading and many bullish stock market analysts are already forecasting another strong upside day on Wall Street tomorrow, Wednesday, August 2nd. The hit parade of ongoing record highs in most of the major U.S. stock indexes will almost surely unfold according to script, right?
While Wall Street's opening on Wednesday morning may produce several record intra-day highs (probably in the Nasdaq Composite and in the Dow Jones Industrial Average), I am now forecasting a meaningful intra-day downside reversal that will mark the beginning of a serious slide and fairly significant losses over the next several months.
Historically, August is supposed to be a relatively strong month for U.S. stocks, but not this year!
The Trump Administration's escalating trade war with China may be the potential catalyst used by the financial press to explain the deluge of selling that is destined to unfold over the very near-term. Of course, any competent securities market analyst could list at least a dozen potential sparks which could contribute to this firestorm ahead.
Below are six interesting weekly and monthly charts with key sell signals that have been triggered by my computer trading system over the last few days:
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| Russell 2000 Index ETF (IWM) Weekly Chart with Computer-generated Buy & Sell Signals |
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| Amazon Weekly Chart |
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| DuPont Weekly Chart |
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| International Paper Monthly Chart |
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| Philadelphia Semiconductor Index (SOX) Monthly Chart |
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| Philadelphia Semiconductor Index (SOX) Weekly Chart |
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