2 Levels to Watch in Apple Right Now


We have mixed markets around the world ahead of the CPI Tuesday and FOMC Wednesday. China is dismantling their restrictive controls, but FXI went 30% off the lows already.

We have about $43 billion worth of deals with HZNP and COUP getting bought to show there are some bargains out there.

SPX is about 10% off the lows, and 17% off the highs with about 3 weeks left in 2022

We'll see if we get one more move to 4052-4100 or if we move towards 3818 or below into Christmas

The CPI and FOMC will set the tone for that and we will try and react accordingly.

Know your time frame and risk into big binary events.

Now let's dig into some names:

AAPL will be important this week. The $145 area rejected price on Friday. $140ish is key support. It probably doesn't do much today. But the action for the rest of the week will be key. Above $145.50 it helps the tape and below $140 it's a headwind.

TSLA did a tactical Red Dog Reversal Thursday around the $172.22 pivot. On Friday, it gave us some upside cash flow to $182.50. I sold mine. It's not very compelling here, but will be important this week. Can it stay out of the danger zone? The weekly chart says it hits $150-$129 next year, but can it see $187 first?

NFLX has been a go-to name since October. Some revisited it on Wednesday as it did a Red Dog Reversal long around the $303.13 pivot, and then sold strength into the $329 area. It did reverse to get most out. If you are still long, use $319.55 as key support.

MSFT isn't special but acts better than some other names recently. It's worth knowing what's happening here this week for complexion. It's getting tighter again. $242ish is active support. $249ish is pivot resistance.

GOOGL stopped out most active longs when it broke $98.90 and hit a low of $92.75 Friday. It's an avoid.

Scott's Positions Disclosure as of 2022-12-12 at 8.39.43 AM

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