Apple (AAPL) stole the show today, adding nearly 50 points to close at $609.84 (+9.87%). The market gapped higher and never looked back with the NASDAQ having its best day of the year thus far (+2.3%) and the S&P 500 adding 1.36%.
The NASDAQ price action today completed an island reversal pattern. Island reversals occur when a stock or market index gaps one direction then gaps back the opposite, forming what can only be described as an island. Between this and closing back above its 50 MA, bulls today got a much needed boost. Also worth noting, the S&P 500 is now within 1 point of last week’s highs and a stone throw away from 1400. Talk about a roller coaster.