Given that the volume isn't right for an H&S anyway, you can also look at this as a potential short in a range: Here's the industry chart:
Both AAPL and GOOGL aren't at positions to BO to new highs. They are kind of in the middle. Does that put pressure on QQQ (NQ) or keep it from pushing upwards? Gringo
You're probably right. What I meant to say was that generally speaking when a major move is in the offing, the leading stocks and indexes show strength together. It's a general observation but not something tested. I would assume that the index is made of the stocks and if the indexes is heading up to new highs the underlying or the weighted stocks also might have something to do with it . Gringo
If you're going to make something of this, you ought to monitor the other three as well: CSCO, INTC, and AMZN. Whether or not this is of any value nowadays remains to be seen.
quoting wyckoff One of the best indications of the future course of a group or a stock its comparative strength when the rest of the market is weak, or its comparative weakness in a strong market. James R. Keene used to say: "Watch the stock that shows strong resistance to pressure when the market is weak, and buy those stocks for all you are worth." Seek out the stocks in the strongest position when buying and the weakest to sell short. Aim to pick the leader of a group for your operations. AAPL doesnt look like a leader as of now ... And when you see the reverse, that is, strong resistance in a stock with the rest of the market advancing, you know the selling is better than the buying — insiders are selling because the outlook for that stock is turning sour, or because they believe they can later reaccumulate at a lower level. well it sure looks tempting to buy aapl at support with the rest of the market beeing strong.. or is it? why is the obvious not so obvious? ... maybe aapl is in for a shakeout before the next move, maybe it will turn sour and bearish.. maybe the indecsion resolves itself to the upside.. but one thing is for sure at this point of time aapl is NOT the leading stock right now...