Four out of six trading days in September for the S&P 500 have been high volume, distribution days. Furthermore the appearance of multiple doji candlesticks might be signalling that the trend is weakening.
I will say that some leading stocks have made successful breakouts, however there still isn’t an overwhelming number of high quality growth stocks making new highs. It’s more like a subset of a much larger amount of stocks that could be making new highs, but aren’t.
I’m going to declare Apple’s new release of technology today a flop. Most of the media on the other hand kissed Apple’s butt all day, which isn’t surprising. The bigger phone was obviously coming given the popularity of Samsung phones. That probably won’t be enough to make people change to Apple phones from Samsung Androids that already have them. People that normally would upgrade their Apple phones will probably do that, so nothing dramatic will happen there. The new payment system I don’t see as a game changer and the Apple Watch I think is something that could be a gigantic failure.
I think these watches are the first product where tech companies are going down a very foggy path on something that people don’t really need. True many tech enthusiasts will buy them anyway, but the watch isn’t something you need. You need a smart phone, and you need a computer whether it’s a laptop or a desktop. Tablets are useful too, but in general the phone and the laptop/PC are the two computing devices everyone needs. I think Apple is a great company and has produced outstanding products but the Apple Watch is something we haven’t seen before. Which is Apple finding a solution for a problem that might not exist.