Eye On Apple Ahead Of Today's Conference

Good Monday Morning, MPTraders!  June 10, 2024-- Pre-Market Update:  Let's get ready to RUMBLE!  We have quite a week of potentially consequential directional market catalysts directly ahead. First up is AAPL...

Starting at 1 PM ET today, traders and investors will be challenged by AAPL's unveiling of new generative AI products and services at its WWDC (Worldwide Developers Conference). My attached 4-Hour Chart indicates that AAPL is trading higher in pre-market hours hitting 198.00 so far, which is just 0.8% from fully testing AAPL's ATH pf 199.62 established on 12/14/24. 

In other words, the stock is sitting pretty much as ATHs hours before perhaps the most anticipated announcements and product releases in its history!  If nothing else, such a setup makes me nervous. Tim Cook and company need to come up with exciting new bells and whistles-- especially for the next generation of iPhones-- for the hype to match and extend the 21% upmove from the 4/19/24 pivot low at 163.56 into this AM's pre-market high at 198.00... 

Technically, if AAPL can pull it off-- and to avoid a sell-the-news reaction typical after a carrot stick upmove in anticipation of a bullish catalyst-- the stock needs to blast through the psychological $200/share barrier and sustain the strength on a closing basis to trigger much higher upside targets of 220-224 and 230-232 that effectively will recalibrate the bull trend in AAPL that began at the 1/03/23 multi-month corrective low at 124.35...

Conversely, in a sell-the-news reaction, AAPL has critical first support from 193.50 down to 191.80, which includes its sharply up-sloping 50 DMA (shown on my Daily Chart below) that must contain any forthcoming weakness to avert leaving AAPL vulnerable into the low 180s thereafter... Last is 197.77...