Calling the Turns in AAPL
On June 30, with AAPL at 92.55, we noted that equity managers would see quarter-end pressure to show long exposure to Apple (AAPL). “After all,” we said, “since April 1, AAPL is up 20%, so perhaps we should expect upward pressure on AAPL today into the start of Q3.”
Apart from quarter-end considerations, we noted that AAPL purely from a technical perspective had the right look of completing a correction from 95.05 to 89.65, and starting a new up-leg that should be heading for new highs projected into the 97.20/60 area next.
That’s exactly where AAPL hit this week, at the pre-open on Wed July 16, peaking at 97.96.
We also noted on Jun 30 that a break of 95.00 would confirm the establishment of a near-term peak of the April-July up-leg, and AAPL on Thursday this week sliced beneath its key April-July support line at 94.70, closing at 93.09.
Barring a recovery that sustains above 95.00, my work points to more weakness into the 91.00-89.50 target zone ahead of next Tuesday evening’s (Jul 22) earnings report.
More Top Calls From Mike
Eight weeks ago, Mike Paulenoff discussed the budding technical setup and upside breakout in CRWD (CrowdStrike Holdings) with our MPTraders members, writing:"CRWD has followed the bullish scenario we discussed in late August, and in fact, today (10/06/23) has thrust above 5 months of resistance to new recovery high territory at 176.32. Although my next optimal upside target zone is 190-200, the BIG picture setup points to 230-240 thereafter... Last is 174.86...
On Monday morning, November 13, 2023, a full 5 trading sessions before the approaching November Options Expiration (OPEX) (11/17/23), I posted my chart-based commentary for our members:SPY-- Considering that Friday is November Option Expiration, where are the "magnetized strike prices" as we start OPEX week? Based on my attached Hourly Chart, the magnetized strike price zone spans from 436 to 441. Should SPY take out the upside barrier of 441, then the follow-through outlier magnetized target could be as high as 450 before or on Friday.
On October 23, 2023, ten days before the November 1st FOMC meeting and policy statement, I posted the following commentary about the downward-spiraling TLT (20+ year T-bond ETF):My attached 4-hour Chart of TLT shows that the relentless and near-vertical downtrend that commenced at the beginning of August from around 100 hit a new long-term low at 81.92 this AM, positioning it in my intermediate-term optimal downside target zone from 80 to 82.
On the afternoon of September 25, Mike Paulenoff posted a warning signal to MPTraders members about the developing acute oversold condition in RTX (formerly Raytheon Technologies), writing:"RTX (formerly Raytheon Technologies) hit a new multi-month corrective low of 71.02, down 33% from the 4/10/23 post-pandemic High at 106.02. Although RTX has violated my optimal target window of 73-75, the stair-step corrective pattern off of the 4/19/23 high at 104.
On October 3, Mike Paulenoff posted the following "Heads Up!" about GLD (SPDR Gold Trust, ETF) for MPTrader members: "GLD has pressed to an important technical inflection window from 169.50 down to 166.30, from where I will be expecting corrective downside exhaustion off of the 5/04/23 high at 191.36, and new buying interest. From a nearer-term perspective, given the acute oversold but CONFIRMED Momentum reading of 17.16 an hour ago, my preferred scenario argues for another loop down that marginally violates today's low at 168.