Many were expecting the stock market to rally on Apple's (AAPL) earnings and stock split news last night.
Unfortunately, the S&P 500 has been stuck in a range the last couple of sessions. The rally appears to be losing steam.
Shares of AAPL did not disappoint with a +8.19% gain but the market failed to follow suit. The major U.S. indices did gap higher but almost immediately began to sell-off. Investors were focused more on geopolitical concerns and Russian troop movements than corporate earnings in the U.S.
My concerns yesterday about the big cap indices being close to resistance and potentially rolling over remain the same. This feels like a dangerous spot to consider new bullish positions. The NASDAQ and Russell 2000 are still in a bearish trend of lower highs and the S&P 500 and the Dow Industrials are both hovering just below their all-time highs. All of them could roll over and we are nearing the seasonal "sell in May" phenomenon.
We are not adding any new trades tonight.