Mike Paulenoff called this past week's sell-off in AAPL ... and the market in general.
On Thursday Aug 18, with AAPL at 173.84, Mike told his MPTrader members: "I am in the 'camp' expecting the latter downside scenario, notwithstanding The Street's newfound love affair with the company."
The next day, he wrote: "AAPL is pressing on key initial support at 171.60/90, which if violated will point to 168-166 next [and] put downward pressure on SPX, SPY, ES."
He updated his downside target to 164.80-162.80 this past Monday, Aug 22, after AAPL broke key support, and by week's end AAPL closed at 163.62, but weakened further in after-market trading to 162.47.
MPTraders members expressed their appreciation for this and other of Mike's recent calls.
"That's some really, really great charting Mike. Fabulous work this week," wrote member FJB.
"Super charts Mike, singlehandedly kept me out of any deep trouble this week. Thank you!" added Mary.
Member ksim summed it up: "Not only kept me out of trouble for the last 6 weeks, but I have made enough money, playing both long and short, to keep my membership for the next 500+ years! Thank you very much for the great guidance."
We invite you to join Mike's Live Trading Room at MPTrader and see how his calls might benefit your trading!
A 40+ year veteran Wall Street technical strategist, Mike hosts an interactive, real-time discussion forum to help traders & investors evaluate and navigate markets, opportunities, and potential hazards in an increasingly challenging financial landscape.
Back on June 26th, when nearby WTI Oil futures were circling $67/bbl, Mike Paulenoff issued a heads-up to MPTrader members about a potentially opportunistic technical setup developing in OXY (Occidental Petroleum), writing:"OXY pressed to a low at 55.58 this AM, which marginally violated the 5/11 low at 56.16, BUT held above the more technically significant March 2023 low at 55.51 prior to pivoting to the upside into positive territory, now trading at 57.47.
On Monday August 28, we posted a heads-up about FCX (Freeport-McMoRan) to our MPTrader members, writing: FCX (Copper, Gold, Oil) producer has the right technical look (and a positive momentum divergence at Friday's low) of a completed pullback (44.70 to 37.74) within its larger bullish multi-month Coil formation. Last Friday's (8/25/23) low at 37.74 represented a very healthy 15.6% correction off of the 7/31/23 rally peak at 44.70 and also amounted to an exact Fibonacci 62% retracement of the 5/24/23 to 7/31/23 advance from 33.06 to 44.70.
Top Call: NVDADuring the afternoon trading session of August 23, 2023, prior to the release of NVDA's (Nvidia Corp.) highly anticipated quarterly earnings report, we alerted our MPTrader members to our near-term forecast for NVDA, derived from my technical setup work heading into earnings.
A week ago Friday, August 10, with SPY (SPDR SP 500 ETF) trading at 446.05, Mike Paulenoff posted a chart commentary to MPTrader members indicating that his technical setup work on SPY was at a critical pattern inflection point.Mike wrote:"Based on today's action, I have come to the conclusion that the "orthodox low" of the decline from the 7/27 high (459.55)... ended at Tuesday's (8/08) low (445.27), and that an intervening counter-trend rally ended at today's (8/10) high (451.
This past Tuesday morning, August 8, Mike Paulenoff responded to a concerned statement from one of our MPTrader members about the TLT (20+ Year T-bond ETF) possibly having turned up in a significant way, especially if weak China data and an "off-sides" crowded hedge fund short position in bonds gets scared (and runs to cover its shorts).