Calling the Turns in AAPL
by Mike Paulenoff
July 18, 2014 • 4:16 PM EDT
On June 30, with AAPL at 92.55, we noted that equity managers would see quarter-end pressure to show long exposure to Apple (AAPL). “After all,” we said, “since April 1, AAPL is up 20%, so perhaps we should expect upward pressure on AAPL today into the start of Q3.”
Apart from quarter-end considerations, we noted that AAPL purely from a technical perspective had the right look of completing a correction from 95.05 to 89.65, and starting a new up-leg that should be heading for new highs projected into the 97.20/60 area next.
That’s exactly where AAPL hit this week, at the pre-open on Wed July 16, peaking at 97.96.
We also noted on Jun 30 that a break of 95.00 would confirm the establishment of a near-term peak of the April-July up-leg, and AAPL on Thursday this week sliced beneath its key April-July support line at 94.70, closing at 93.09.
Barring a recovery that sustains above 95.00, my work points to more weakness into the 91.00-89.50 target zone ahead of next Tuesday evening’s (Jul 22) earnings report.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
Friday afternoon, fifteen minutes before the closing bell in the equity indices, this was my parting comment about Bitcoin:Heading into the weekend, the technical setup argues against holding shorts in Bitcoin... no?...
Many of you have been members of MPTrader for years, perhaps decades (I have been providing MPTrader.com analysis since February 2003!). Rarely do I take a victory lap about my stock, ETF, and market calls, largely because I have always thought my work should speak for itself, which obviates the need to bloviate and beat my chest to stroke my ego. At my core, I am a market nerd and Geek, not a slick-talking marketer (for better or worse).
Back on November 12, 2024, fellow MPTrader member "Rayray" wrote the following when ARCH (Archer Aviation) was trading at $4.83:Mike, as you may recall I have been an active follower of ACHR. I no longer have a position that I trade off of and am on the sidelines watching a move that I should have participated in . That said, is this the move to $9.00 that has been on the table for a while ?... My analysis: NO!...
On the morning of Tuesday, November 12, 2024, I posted the following Heads-Up to MPTrader members concerning my DIS (Disney) analysis ahead of earnings:DIS (Disney) reports earnings on Thursday morning. Technically, DIS approaches Earnings in strong near-term technical condition that argues for a positive reaction to earnings. As long as any forthcoming weakness is contained above 94.80, DIS points higher to 105.10/40, and if taken out, then to 113-115... Last is 100.25...
On September 20, 2024, fellow MPTrader member Bloom asked Mike Paulenoff to look at his chart setup in Upstart Holdings (UPST). This is what they discussed in Mike's post to our Discussion Room in its entirety:UPST (Upstart Holdings)... It is NO coincidence that when the Fed initiated its rate HIKE cycle in March 2022, it coincided with the steep, contractionary, prolonged bear phase in cloud-based AI lender UPST.
