The markets are consolidating again in a bullish manner. Even at recent highs, the markets appear to want to charge higher again. Many people are wondering what the catalyst will be? Will it be the Federal Reserve, earnings, economic data? The charts tell us that if the markets are going to charge higher, Apple Inc. (NASDAQ:AAPL) will lead the way.
This makes perfect sense. Former darling Apple is holding a major technical level on the daily chart but has yet to bounce hard. The PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ) has lagged this massive rally and catch up may be on the horizon. Any mild spike higher on Apple will ignite a ton of short covering as well. This will extend the Apple move to possible $485-$500.
The charts show a strong possible solid move coming in the markets. Apple will likely head this charge to new all time highs on the S&P 500.