Apple
AAPL
has continued its sell-off since a new ATH at $145 lvl with almost -6% over the last three days. Even with SPY hitting ATH’s Apple was still selling. I like the 128-132 area in Apple for a bounce/consolidation zone. I entered apple yesterday with shares and 3/19 132.5 calls. Apple also has a rising wedge pattern on the Daily chart which will also be serving as support on the $128 lvl. Apple showed strong bounce off of the $127 lvls yesterday hitting a low of $127.41 but closing up at $129.71. We see a nice candlestick with a long lower shadow and good volume to end the day green (96M). Let’s see if AAPL can continue to hold support at $128 and bounce off the rising wedge trend line.
*SPY has been in a small downtrend the past 3 days and market has just been in a chop/sell zone. If SPY rallies today I think apple can start to bounce nicely. If the market enters chop/selling again I want apple to hold $128.
PT: I want to see apple above $132 by March 5th. If that is not the case I will close my calls. I will also be looking to scale out of the calls as price moves (25%, 50%, etc.). Shares I will hold on Apple.
SL: If apple breaks below $128 support area I will sell the calls.
Keep an eye on SPY
SPY
here. GL all!
AAPL
has continued its sell-off since a new ATH at $145 lvl with almost -6% over the last three days. Even with SPY hitting ATH’s Apple was still selling. I like the 128-132 area in Apple for a bounce/consolidation zone. I entered apple yesterday with shares and 3/19 132.5 calls. Apple also has a rising wedge pattern on the Daily chart which will also be serving as support on the $128 lvl. Apple showed strong bounce off of the $127 lvls yesterday hitting a low of $127.41 but closing up at $129.71. We see a nice candlestick with a long lower shadow and good volume to end the day green (96M). Let’s see if AAPL can continue to hold support at $128 and bounce off the rising wedge trend line. *SPY has been in a small downtrend the past 3 days and market has just been in a chop/sell zone. If SPY rallies today I think apple can start to bounce nicely. If the market enters chop/selling again I want apple to hold $128.
PT: I want to see apple above $132 by March 5th. If that is not the case I will close my calls. I will also be looking to scale out of the calls as price moves (25%, 50%, etc.). Shares I will hold on Apple.
SL: If apple breaks below $128 support area I will sell the calls.
Keep an eye on SPY
SPY
here. GL all!
Trade active:
I am in 3/19 132.5 avg of $3.15. If apple can start to move these should pay nicely. IV is low. This was an aggressive entry with the market in chop/selling right now. I will be quicker to cut the calls if SPY/QQQ lose their support.
Comment:
What I'm watching on AAPL right now, see if we can get above $130 again. QQQ and SPY hard dips at open lets see if we can hold and start to bounce.
Comment:
AAPL self-driving car news came out this morning. AAPL starting to run with it. Still in my 3/19 132.5's avg'd up to $3.2. Also, added some 3/19 $135 calls at $2.6.Let's see if we can break that ascending triangle pattern at 131 lvl.
QQQ looking stronger over $333 support and SPY over $292 now!
QQQ looking stronger over $333 support and SPY over $292 now!
Comment:
Apple looked great and then heavy sell off with the market. Let's see if we find a bottom around $128.5 in AAPL. I mentioned earlier this was an aggressive entry, hard to rally from a huge sell off when the market is dying. If QQQ and SPY can't find support here it could get really ugly.
Comment:
My post almost two weeks ago about SPY correction comes into play here with AAPL. I think the $128 area is a strong support for apple. However, the market looks like it may move lower. SPY is in a megaphone pattern here on the 2H chart. If it continues down I will be watching the $388 lvl to hold as support and a bounce. If that flushes out I am looking for a stronger correction to $384 lvl which is the next HVN. I don’t think we will go lower than that with the new stimulus and positive covid news that keeps coming out. We have higher timeframe SMA support on SPY above $388 that I will be looking to hold as well.
Comment:
*I entered SPY 2/24 $388 Puts this morning at the top of the megaphone as hedges for the Apple calls.
Comment:
If AAPL fails $128 this week I expect $125 to be the next consolidation zone. Let's see if $128 holds and we move higher.
Comment:
SPY gapped down and Apple is falling with it. AAPL currently sitting at $127.80 premarket. Let's see if PM action gets it back above $128. I don't see AAPL falling further than $125 if the market has more bearish correction in store. If SPY continues it's sell off I expect $384 to be the next support area. Let's see if this is the beginning of a larger correction for SPY or if it will rally back to the top of the megaphone pattern. I am currently in SPY hedges but may consider holding AAPL calls and hedging depending on its price action the next few days. 125-128 is big support range so seeing I expect a bottom in this area.
Trade closed: stop reached:
I was unfortunately away from the computer all day today but my stop losses were triggered as AAPL continued its decline. Will continue watching AAPL and the market for a potential bottom. Let's see if SPY continues lower to test $384.
Comment:
brutal few days for AAPL. will be watching to see how it closes today to enter some april calls. market big sell off today. lets see if SPY recovers any ground.
Comment:
Apple went red to green today and rallied with the market. Looks stronger and a better sign of a bottom. Congrats to anyone who bought at the low 120's! I will be watching apple the rest of the week for March/April dated swings.
Comment:
No bullish continuation today, just sell-off with the market
Comment:
AAPL was indeed not ready for a bounce 😂. Will be on watch this week. We may have seen the temporary bottom on apple.