After what seemed to be a great earnings on $AAPL we have seen a gap up and that gap was lost rather easy due to market conditions. The Global Chip Shortage is impacting some of the largest companies and demand grows and supply is weakening.
Looking at the chart, we have been fighting with the $135 wall for weeks. Holding what seemed to be a cup and handle on the daily. Due to the rejection we saw yesterday, and the FAANGS lackluster earnings we could see a trip down to support before to long.
We are looking to open today on our 20 EMA on the daily (blue line) which is below our marked support of 132. If we loose the 20 EMA I think our first level will be the break of 130 and then we have the 50 EMA directly under at 129.15
I will be watching for bearish momentum today and I will be paying close attention to option flow as to get a better idea of the sentiment going into next week.
Previous ideas linked below
Over all I am bullish on AAPL but market conditions are showing a lack of strength and runs divergent from $SPY as it continues to make new highs.
Good Trading
Looking at the chart, we have been fighting with the $135 wall for weeks. Holding what seemed to be a cup and handle on the daily. Due to the rejection we saw yesterday, and the FAANGS lackluster earnings we could see a trip down to support before to long.
We are looking to open today on our 20 EMA on the daily (blue line) which is below our marked support of 132. If we loose the 20 EMA I think our first level will be the break of 130 and then we have the 50 EMA directly under at 129.15
I will be watching for bearish momentum today and I will be paying close attention to option flow as to get a better idea of the sentiment going into next week.
Previous ideas linked below
Over all I am bullish on AAPL but market conditions are showing a lack of strength and runs divergent from $SPY as it continues to make new highs.
Good Trading
