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Stocks May Bounce Back From Last Week's Rout

By The Chartman FOXBusiness

Last week I noted I wasn’t exactly optimistic about the market.  In fact, I was worried enough I thought the downside may be tested again.

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Unfortunately, whatever was bothering me was real, and as we all know, it was an ugly week.

However, all hope is not lost.  As you can see in a chart of the Dow below, all the market has really done is move sideways.  (Albeit in a volatile fashion!)

 

Further expanding on the Dow chart, even the S&P chart hints there may be support at the August lows.  I don’t know if that area will hold, but I think it’s worth taking a shot on the long side, as we should see a bounce.

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Finally, I talked about my concern over the V move AAPL had made last week.  Those kind of sharp moves up always worry me, and at least this time, my fear was well-founded. However, I’m not all gloom.  The chart below shows what I was looking at last week, but also points out an area – the downtrend line extended – where I think AAPL might fall to…but also where I’d buy.

Anyway, let’s keep out fingers crossed that the August lows hold next week.

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