On the weekly chart, Apple has reached the top of a channel that goes back to September 2018. This doesn't mean that it's the top, it just means that it's a potential top and a spot where some long term investors may be looking to take profit. Apple could break through the top and come back down to retest this channel as support before going higher. We're seeing a lot of inflation in the markets ever since the fed injected trillions of dollars into it. Inflation is first seen in the markets before it trickles down to housing and then consumer goods.
Generally, what Apple does, the rest of the market follows. Apple leads XLK, XLK leads QQQ, QQQ leads SPY, SPY leads IWM.
When trading the strongest of the strongest, I look to trade Apple. When looking for short opportunities, I look towards IWM.
Generally, what Apple does, the rest of the market follows. Apple leads XLK, XLK leads QQQ, QQQ leads SPY, SPY leads IWM.
When trading the strongest of the strongest, I look to trade Apple. When looking for short opportunities, I look towards IWM.
Note
Here is how it appears on the 1 hour chart. Here are two ways to trade this overhead resistance.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.