In doing my homework - I've trying to determine whether this market can rally in the weeks ahead?
With a 3 Trillion dollar market cap you need $APPL - As matter of fact if you watch Apple trade you can see the S&P 500 move almost exactly the same. Which never ends well on long enough timeline.
I reduced the number of indicators to keep the chart clean. They all say the exact thing - on daily AAPL is a sell. Five shown. Notice the indecision in the green candles - the regime change is underway.
I'm a fan of market and volume profile but sometimes you need a different eye. APPL can retest the highs even reach an All Time High once more - before pulling the rug.
The trendline right beneath price has been tested 3 times. Line drawn by algo BTW. It will break and most likely return to the trendline before this breakout in October 2021.
This takes AAPL to the mid- $140's - not the end of the world, but a huge impact on US equites.
The indicator on the bottom show there is no strength, moreover not shown its also divergent - but it can stay way for a while on a daily chart.
Draw this trendline on your own charts and keep an eye on it. That said a well placed news bomb will most likely make quick work of this trapping longs. Think Evergrande Sept 2021.
Which is funny - that's in the lows 4300's - and where this market will likely return. Ok 4260 - but I'm not argue about days range.
So we'll if they gamma squeeze this AAPL one more time. One way or another Frazier is going down.
Facebook and Google, Netflix all look weak too and look similar on this chart setup. The only one that breaking up is Tesla (shaking head). However TSLA is a casino ticket not the market.
Comment:
Trend line is now broken.
Things could move quickly now. Be careful
Things could move quickly now. Be careful
Comment:
Amazing how much the market has moved - and frankly AAPL hasn't moved that much yet.
Really shows how much megacaps were holding up the market.
Till the blue dotted line is under the price the market can not go up meaningfully.
Right now that so far away from happening.
Really shows how much megacaps were holding up the market.
Till the blue dotted line is under the price the market can not go up meaningfully.
Right now that so far away from happening.
Comment:
Earnings on the 27th - expecting disappointing results.
However small reversal likely in the early in the week trapping shorts before continuing towards 145
However small reversal likely in the early in the week trapping shorts before continuing towards 145
We'll see if it holds.