The rally of mid-March was fueled by Corporate Buy Backs. Retail investors, Hedges, and Institutions are still net sellers. QE per the Fed officially "ended" today. The consumer is in worse shape yet again and this will reflect in retail soon as people don't need a new phone, laptop every year and switch to every other or two years. Ironic though that Apple hasn't released guidance for their earnings.
We may see a double top if the buy-backs continue, even the possibility of setting a new ATH. There is a possibility that the S&P could set a new ATH before the actual collapse takes place. Let's see.
RSI and MACD have plenty of room to fall. MACD on 1M is getting closer to crossing into a bearish sentiment. 200MA is $155. If Apple fails to break $178 and remain there or if the next few trading days are sellers, we could see this chart play out as Apple heads back to $160s area.
We may see a double top if the buy-backs continue, even the possibility of setting a new ATH. There is a possibility that the S&P could set a new ATH before the actual collapse takes place. Let's see.
RSI and MACD have plenty of room to fall. MACD on 1M is getting closer to crossing into a bearish sentiment. 200MA is $155. If Apple fails to break $178 and remain there or if the next few trading days are sellers, we could see this chart play out as Apple heads back to $160s area.
Trade ativo:
Earnings is a slight beat. We should see a small rally IF Amazon doesn't take Apple down with the entire market.
