Calling Apple's Upside Exhaustion
by Mike Paulenoff
September 12, 2021 • 12:00 AM EDT
In our Top Call article a month ago, we told you about how Mike Paulenoff called AAPL's upside continuation, with the expectation that the stock could extend a little higher before upside exhaustion.
AAPL, indeed, went on to stair-step higher to reach a high of 157.26 high last week, overshooting the upper boundary of Mike's 153-156 projected high-zone by just 0.8%. It then proceeded to initiate the expected bout of weakness that accelerated to the downside this past Friday.
Mike warned MPTrader members again about this potential downside last Thursday morning, with AAPL trading at 155.17, noting: "AAPL remains a primary focus of mine from a technical perspective because my pattern work argues that the most recent upleg from the 8/19 low at 144.24 to Tuesday's (9/07) ATH at 157.26 has the right look of completion."
He specified 153.90 as the support level to watch for a preliminary reversal signal, which AAPL proceeded to violate as it nosedived on Friday. It closed the week right at the low of the day (148.67), a full 5.5% beneath the September 9 new All-Time High, and 3.4% beneath Mike's initial downside trigger level at 153.90, putting an exclamation point on Mike's repeated warnings to MPTrader members about AAPL's vulnerability to a serious downside reversal.
What's next for AAPL and the overall market? Will AAPL head directly for Mike's minimum downside target of 144-145 this week? Join Mike for his intraday alerts at MPTrader, where he posts constant analysis, and where he and our members exchange tactical trading ideas in our Discussion Room.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
On the afternoon of March 13, 2024, I posted the following heads-up to MPTrader members about important price action in WPM (Wheaton Precious Metals), my go-to ("favorite") name for Silver Mining within the larger Precious Metals Mining Complex:From a silver-gold perspective, let's notice that WPM strength is pushing up against its near-term resistance line in the vicinity of 45.80.
Over one month ago, on Monday morning, 9/09/24, I posted the following NVDA update for our members:My near-term pattern work makes a compelling argument that the corrective downleg from the 8/16 high at 131 is nearing downside exhaustion and completion in and around 100 (Friday's low was 100.95). That said, unless and until NVDA climbs above 106.30 to 108.
On August 27, 2024, I reviewed my near and intermediate-term technical setup on copper (gold, silver, oil) producer FCX (Freeport-McMoRan) for MPTrader members, writing:My attached Daily Chart shows the 30% correction from the May 2024 high to the August 2024 low, which my pattern work argues ended the retracement of the first upleg of a new bull phase in FCX that began at the 10/23/23 low of 33.08 and ended at the 5/20/24 high of 55.24. The August 2024 upmove from 39.08 (8/05/24) to 46.
On August 5, hours before its after-market earnings report, Mike Paulenoff posted a bullish alert on AI-juggernaut PLTR, writing:"Bottom Line Technically: As long as any forthcoming weakness on a closing basis remains above key support lodged between 19.60 and 21.50, PLTR has the right look of nearing the completion of the correction from its 7/08/24 high at 29.83, and the initiation of another advance that will extend the upside potential off of a two-year base-accumulation setup."The stock, trading at 23.
Three hours before the July Fed 31, 2024 (FOMC) meeting, I posted the following chart commentary about my technical setup work on 10-year Treasury YIELD and its actionable longer-term Treasury bond ETF, the TLT (20+ Year T-bond, ETF):Heading toward Fed Time, 10-year YIELD and TLT (20+ Year T-bond ETF) certainly appear to be anticipating lower interest rate news or innuendos from the FOMC statement (guidance) and Jay Powell in his post-meeting press conference.