<<Eye on AAPL and Impact on ES
By Mike Paulenoff
Sep 7, 2023 - 8:32 AM EDT
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In pre-market trading, AAPL reacted negatively to stories that the Chinese government has told its agencies to stop using iPhones, which pressed the stock beneath my corrective line in the sand at 180.30 and has followed through to the downside to a three-session pullback low at 177.00, amounting to a near 7% haircut since Tuesday afternoon.
From a granular technical perspective, the downleg from 189.98 to 177.00 looks incomplete and argues for one more new low beneath 177 into the 175 area prior to my expectation of a potent upside reversal signal. Bottom Line: As long as any additional weakness is contained above the 8/18/23 low at 171.70, my preferred scenario for AAPL indicates another rally effort from support at 175 to 172 toward 185-190. To confirm a U-Turn to the upside, AAPL needs to climb and sustain above 180.30... Last is 177.51...
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And remember how far you can trust Bloomberg’s SENSATIONAL(!) headlines.