- Market is red today
- CPI Report coming this Thursday
- It is of my opinion price will trade within a range until we have more info on Thursday
- I have SPY marked at around 445 for support which prices are almost at
- AAPL has been in a downtrend since it's Earnings Report
- I believe this is a normal pullback and that it's oversold, at least until we find out more info this Thursday
- AAPL indicators suggest the stock is oversold and ready to come back up
- Combined with strong Daily support from the 100 SMA at 178'ish
- And Bullish reversal Candle patterns on multiple timeframes
- The major trend is still Bullish, however the Macro trend is Bearish
- It is my belief prices will come back up (short-term) or consolidate
- I also believe the overall market for SPY won't fall below 445 unless until after Thursday's report, if Bearish
- VWAP suggests buyers are supporting the stock.
- If price falls below VWAP, the 8-period moving average on a lower timeframe chart, and the Daily 100 SMA it would be a major cause of concern in which not to enter, or cut the trade.
- For these reasons, this is a Bullish bet I'd be willing to take for a move of a couple of points with a price target of 182 - 185
- Price needs to break above 179 and for me to take this trade
- Remember, this is only an idea that is not guaranteed to play out, and in no way is financial advice
- Wishing everyone the best of success in the market!