Focus On AAPL With iPhone 15 Release, Plus Eye On SPY

Good Tuesday Morning, MPTraders!  September 12, 2023-- Pre-Market Update: AAPL's debut of the iPhone 15 (among other products) will be the focus of today's trading, but thereafter, traders' and investors' minds will fixate on forthcoming CPI and PPI inflation data due out Wednesday and Thursday morning...

First, let's take a look at the setup in SPY after yesterday's up day, which we see on my attached Big Picture Daily Chart shows that the price structure popped and sustained above BOTH the 20 and 50 DMAs, now at 443.98 and 447.02, respectively. Although SPY closed at 448.45, as we speak it is trading lower, circling 447.10/20, dancing on the 50 DMA. As long as any additional weakness is contained above 445.00, my nearest-term pattern work argues for another loop up to 449-450 next, possibly ahead of Wed. AM's CPI report. 

However, if SPY rolls over and slices beneath 445.00, then it will be vulnerable to a press to test more consequential near-term support at 443-444. Last in SPY is 447.18...

As for AAPL, the bottom line into, during, and after today's product launch is this: unless and until AAPL climbs and sustains above 180.80 to trigger a run at 187-188, my near-term pattern work argues the current setup is vulnerable to rolling over to test support at 177.00, and if violated, then to revisit last Thurs. (9/07) low at 173.54 (see my attached 4-Hour Chart)... Last is 179.75/80...