Why Apple $144 Is Key Right Now
We have mostly red arrows around the world to start the week as China protests dominate the narrative. Markets are starting to feel the reality of slower growth. Things might start to turn towards things being too recessionary in the year ahead.
Traders want to know if SPX 4033 was the high of this active sequence or if we push into Christmas. We'll see if SPX holds the 3962-3979 range to make it easier to stay with this active sequence.
If not, it can get choppier and some active participants like me will have less risk on.
SPY hit a high of $402.93 last week. I do have some SPY left on, but smaller. Today, we'll see if the $398ish area can hold, or if we have a trend down day to put this active sequence under pressure. $395.82 is the level to watch below.
QQQ has lagged for the past two months. Sometimes it participates, and other times it's a headwind. We'll see if it can hold the $284 area. Otherwise it can see $280.72 which has to hold to avoid trouble.
Watch AAPL because it has the China headline pressure. (more on this below)
Now let's get into some of the other names I'm watching:
AAPL has some talk that it will lose 6 million iPhone Pro units due to factory unrest. For today, see if it holds $144 and tries to reclaim $146.93 to take the news in stride. If not, it can become a bit of headwind.
TSLA: you gotta love when a Red Dog Reversal gets you this type of upside follow-through. This morning, see if it tries to hold $176 and perhaps reclaim $180.63 to go green for cash flow. If it fails to hold $176, then that oversold broken bounce might be done.
MSFT acted better than most tech names in this bounce from the October lows. Some are still long. $244ish needs to hold to keep active participants long. It gets choppier below that.
AMZN is green in a sea of red and we'll see if it can stay that way. It needs to get and stay above $94.58 to get away from the danger zone.
NFLX is streaky at times with some tactical things to do. Last Tuesday, it did a Red Dog Reversal around the $282.66 pivot and saw $292+ Wednesday. $277 is key support.
GOOGL seems to be acting a little better since the October lows. It hit $100+ and is trying to build a bull flag. It needs to hold the $94-$96 area to stay constructive.
META hit a high of $118.72 in the recent rally. Last Tuesday, it did a small Red Dog Reversal around the $109.20 pivot. There is a flag pattern building here. It’s hard to tell if it stays intact.
Scott Redler Positions Disclosure as of 2022-11-28 at 8.07.25 AM
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