Today we saw quite a bit of M&A activity which gave the futures monster a reason to ramp futures into the 1149.75 level off the CME Globex open.. As the regular US cash session opened sellers were in control taking the SPOOZ down to the 1139.50 level as the low of the day. Below 1139.50 should bring a fresh batch of sellers. Though AAPL is bidding pulling the entire market wherever the hell she wants it to go. Apple goes up, the market comes with it, the market was not designed like this.
As you can see from the chart above the SPOOZ is in a descending triangle which has taken sometime to form and become quite skinny, this signals the formation may fail to the upside instead of continuing down through 1139.75. Apple over 293 will for sure cause this triangle to fail to the upside.