Is this market ready to break? This was a significant rebound, almost unimaginably unrealistic... 5-weeks of straight rallying through the tidal waves of bad economic news, rate hikes, QT, geopolitical tensions, ect...
Let's see what holds for August and September, which are two months that aren't great for stocks. If you do short, go to at least the end of September.
RSI and MACD are supporting a sell off. MA puts Apple at $160, and the Lower price of BB is $151. Was this a giant head and shoulder?
First shoulder December 2021, head at March 2022, and now the right shoulder at August 2022? Hmmm
Trade closed: target reached
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Target reached. We broke heavily through the funnel.
The irony is that Apple's strength is likely due to market weakness. Investors are fearful about a higher interest rate environment and are flocking to the stock of a cash-strong, fortress balance sheet company. The problem though is that they've all just boarded the Titanic.
WorldEconomics
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@spy_master, - I agree. They had strong earnings last time. I think apples weakness is fear and once the markets start selling, it’ll take everyone with it. Retail is collapsing and Apple can’t escape that fact. New survey by Bloomberg shows over 50% of companies are either freezing hiring or preparing layoffs. We’re going to see some pretty bad events by years end but mostly next year as we’re heading into the holiday season.
As for Apple, the days of people lining up a day before for an iPhone are over. Credit use is at a record high, people can’t afford the luxuries. Discretionary spending is down significantly and consumer sentiment has been in a downtrend.
reiiss7
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That is a huge bear div. I'm betting on AAPL to 0 (unless it gets bought out by a reputable tech company)