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Market Update: In Motion

|Includes: AAPL,, Inc. (AMZN), DR, SPY

Deere & Company (NYSE:DE) is shooting higher today on the back of earnings that tripled analysts expectations for the company. The stock hit a high of $58.05 today in the first 10 minutes of trading only to slowly fade into lunch.  The stock continues to trade higher by $2.75 or 5% but is underneath its highs of the day by about $3.50.  Technically speaking, the stock is short term extended after just a week ago it hit a low of $48.33.  Look for consolidation before further upside.

SPDR S&P 500 ETF (NYSE:SPY) is showing mediocre strength today on the back of the light volume surge yesterday.  The dollar is stronger as global fears remain.  However, optimism over the U.S economy appears to be showing itself.  Oil is flat along with gold today. Technically, the SPY ran into a wall between $110.35 and $110.50 today.  Look for this to be a major resistance level in the coming days.

After a solid move up over the last few days, Apple Inc. (NASDAQ:AAPL) is pulling back. The NASDAQ is still positive, but AAPL remains down about $1.50 or .75%.  The stock looks to be taking a break after the solid move higher in the previous few days.  It is sitting on the 50ma and just above the 20ma on the daily chart. As long as it holds this level for the next few days, expect AAPL to go higher.  Should it fail and come back below those two moving averages, watch out, AAPL could sell back to $190.00 very easily.

While the NASDAQ remains positive today,, Inc. (NASDAQ:AMZN) is very weak. After gapping higher yesterday into the 20ma on the daily chart, AMZN is pulling back.  A possible bear flag is in play on the daily chart as well with a first target to the $110.50 gap window.  The second target would be a move to a completion of the head and shoulder pattern at $108.00.

The overall market is trading on light volume again today.  This was the case yesterday.  Overall, a flat day is in order after such a large rally yesterday.

Gareth Soloway
Chief Market Strategist