A new update for Apple. We hit all of our targets with "Bitten Apple" chart. We saw this bounce coming. The market sold off too steep too fast, and we can always expect a pull back on these steep sell offs. This bear market rally may continue for a few more days before another wave of selling resumes.
The data supports a bear market and recession. The data release of autos, housing, jobs, retail, consumer sentiment, inflation, wholesale inflation, personal debt, and revolving debt shows that the economy is quite sick, even sicker than we are told.
With this in mind, we can paint a picture of continued slowing retail and as some analysts predicted, we will start seeing earnings taking hits more and more.
Apple is below its MA, which is expected. It seems that there is resistance at $141 area, although if we do break the Bollinger price basis like it did in late May and early June, we should see $3-4 move above it, so $145-$146 before another sell off. MACD for the 1M is still bearish. We are no where near a bottom. Quantitative tightening will continue and balance sheet reduction is just begun this month.
Trade active
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It looks like we will have a movement like the prior movement, which saw a sideways movement before a significant sell off
Your analysis is spot on, I'm projecting a hard rug pull EOW or early next week before the CPI report data. Following the overlaying bear trend pattern, AAPL meets hard resistance at the $143-$144 level and retraces back downward to the bottom of the trend in a matter of days. A technical recession being estimated by the ATL FED for Q2, coupled with China lockdowns occurring as I write this comment, I foresee AAPL falling back to earth at the $120-$130 level until after the CPI report.
JimmyStonks
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@markriah22, Remember that there are a lot of shorts in the market ready to be pressured out of their position and a few catalysts that I listed below to justify it. Just in time for a healthy earnings IV run up, and then a subsequent dump.
WorldEconomics
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@markriah22, - Oh yeah, I'm definitely keeping an eye out for July 29th Q2 GDP. It's pretty clear from retail, consumer sentiment, PPI, PCE that the US is in recession. Initial Jobless Claims have been going up since April.
rock1986
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Nailed it!
JimmyStonks
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It looks like there is triple-top/quad-top resistance at the $143 levels. If AAPL breaks that tomorrow, I can see significant upside to the 150s before it retests the 130s and down. Consider: a commodity rotation/retracement, bear market squeeze scenario, tariffs lifted (tech like AAPL benefits from China supply), and a hawkish jobs report being inversely good for the market as catalysts.
WorldEconomics
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@JimmyStonks, - Agreed. I also didn't forget Apple's $90 Billion Buy Back they announced at earnings. This could very will be what we're seeing