I wrote about AAPL and the AAPL:NDX ratio in my last Weekly Market Update.
At the time of writing this post just after noon on Tuesday, AAPL has rallied a bit today, as shown on this 5-Year Weekly chart, in conjunction with today's rally in the Major Indices. However, it has done so without first testing its major support level at 400, so a bounce here may not be as strong a signal to indicate that AAPL's low has, in fact, been made, for now (although its low of 419 came close, so it may be close enough).
Today's bounce has occurred on a positive divergence of Momentum, as shown on the 10-day 10 minute ratio chart of AAPL:NDX below, as well as on positive MOM divergence, as shown on the 5-year Daily ratio chart below, to bring it back to just above major support.
We'll see if this major support holds, and whether AAPL can continue to rally...I'd like to see higher volumes enter on such a rally, however, to support such a move. Theoretically, we could see AAPL rally to a confluence level of the bottom of the channel and 2 Fibonacci retracement levels at 472ish (as shown on the Weekly chart of AAPL above).
AAPL is still not out of the woods yet, as it is still, technically, in downtrend on the Daily and Weekly timeframes. As I mentioned in my above referenced post, a failure of AAPL below its major support level of 400 could send it tumbling down to around 350, then 300. It's one to watch to see if it supports any further rally in the Major Indices.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...please read my full Disclaimer at this link.
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Fri. May 7 @ 8:30 am ET ~ Employment Data
* Wed. May 12 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Fri. May 14 @ 8:30 am ET ~ Retail Sales Report & Core Retail Sales Report
* Wed. May 19 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Wed. June 2 @ 2:00 pm ET ~ Beige Book Report
* Wed. June 16 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events.