Based in Kingsport, TN  –  Written by the iInvest® Team

This image has an empty alt attribute; its file name is SnipImage-1.jpgApple, Eastman Chemical and S&P 500 trigger strong long-term buy signal! This image has an empty alt attribute; its file name is SnipImage-1.jpg In the last Stock Market ALERT, the iInvest® Team discussed the quick recovery we were seeing after the holiday season. This was occurring after we had entered uncharted waters based on history. Also, we touched on the possible outcomes going forward. In today’s ALERT we discuss further signs of a strengthening stock market. Also, we point out some significant developments on two different stocks, Apple (AAPL) and Eastman Chemical (EMN).
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Fibonacci retracement price levels can be used as buy triggers on pullbacks during an uptrend.  In downtrends, the levels can be used to short sell when bounces reject off a Fibonacci retracement level. The most significant Fibonacci retracement level to watch for is the 0.618. The 0.618 retracement level tends to be the maximum pullback zone where fear climaxes as the final sellers throw in the towel and bargain hunters rush into the stock to resume the uptrend.  This can happen at a 50% and 38.2% retracement level, but 61.8% retracements tend to be the maximum within an uptrend, which could have created a long-term buy signal on Apple recently. As you can see below, Apple hit the .618 retracement when it hit 142 on January 3rd, 2019.  If Apple is still in a long-term uptrend, which the iInvest® Team still thinks it is, the .618% retracement would be a good entry point, using this form of technical analysis, often used in Elliott Wave Theory. This image has an empty alt attribute; its file name is SnipImage-1.jpgApple hits strong long-term support!

Apple has been in a long-term uptrend since 2000, and along the way has had 4 significant declines including the current one. Every retracement either found a bottom at the 50% or 61.8% retracement levels, marking significant long-term bottoms.

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Apple bounces off the .618 (61.8%) Retracement This image has an empty alt attribute; its file name is SnipImage-1.jpgTaking a look at Eastman Chemical Moving forward, we decided to look at a local company, Eastman Chemical (EMN) since it has been in a decline for 6+ months.  Eastman is also forming a bullish piercing pattern at the 61.8% Fibonacci retracement level, a possible strong buy signal.  This is significant if you believe that Eastman is still in a long-term uptrend, which the iInvest® Team still thinks it is. This image has an empty alt attribute; its file name is SnipImage-1.jpgS&P 500, Wilshire 5000 and NYSE form bullish monthly piercing patterns Looking at the S&P 500 companies by weight, Apple is #2 just under Microsoft; therefore, if Apple just hit a significant long-term bottom, this news could be good for the overall stock market going forward. In fact, looking at all the major U.S. indices lately, they seem to be forming a bullish Piercing Pattern, looking at monthly candlestick charts.  Also, most have hit key Fibonacci retracement levels, including the S&P 500 hitting the 50% retracement zone. If the volume can pick up today and tomorrow and the piercing pattern hold, it will be another good sign for the overall stock market going forward. Stay tuned…This image has an empty alt attribute; its file name is SnipImage-1.jpgiInvest® Stock Market ALERT and Newsletter service provides the tools you need to navigate today’s unpredictable markets. Click on the link below to signup for newsletters, ALERTS, and iInvest® Educationals for free! Alert/Newsletter This image has an empty alt attribute; its file name is SnipImage-1.jpg You can view our iInvest® Stock Market ALERTS and Newsletters live via our free APP! This image has an empty alt attribute; its file name is appstorebadge.pngThis image has an empty alt attribute; its file name is images.png

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