Apple Bounced From the $170 Price Level.
Last week, Apple stock broke listed below its two-month long upward pattern line after reaching the new record high of $182.94 on Tuesday. Far, it looks like a down correction and the nearby crucial support level is at $165-170, marked by the previous highs and lows. The stock trades within an over month-long combination of around $170-180.
Is this a medium-term topping pattern? Its getting extremely difficult to basically justify the Apples current market capitalization of around $3 trillion.
Q4 2021 hedge fund letters, conferences and more Another Strong Year For Read MoreThe S&P 500 index gained 0.92% yesterday, as it got back above the 4,700 level. The broad stock markets gauge extended its advance following Mondays upward reversal from the regional low of 4,582.24. The broad stock market continues to trade within an over two-month long debt consolidation.
On Dec. 3 the index fell to the regional low of 4,495.12 and it was 5.24% listed below the previous record high. So it was a quite moderate downward correction or just a combination following in 2015s advances.
The nearest important resistance level is at 4,700-4,720 and the next resistance level is at around 4,750. On the other hand, the assistance level is at 4,650. And the essential assistance level is now at 4,580-4,600, marked by Mondays day-to-day low. The S&P 500 is close to its November-December local highs once again, as we can see on the everyday chart (chart by courtesy of http://stockcharts.com):.
The S&P 500 index is expected to open 0.4% higher this early morning following the Consumer Price Index release which was slightly higher than anticipated at +0.5% m/m. The broad stock market will backtrack more of the current decreases. We may see an earnings taking action later on in the day.
Heres the breakdown:.
The S&P 500 extended its short-term uptrend the other day. It may be still a correction within a downtrend or some additional combination along the 4,700 level.
In our opinion no positions are currently validated from the risk/reward perspective.
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Upgraded on Jan 12, 2022, 2:56 pm.
The broad stock markets gauge extended its advance following Mondays upward reversal from the local low of 4,582.24. The broad stock market continues to trade within an over two-month long debt consolidation. Last week, Apple stock broke listed below its two-month long upward pattern line after reaching the new record high of $182.94 on Tuesday. The broad stock market will retrace more of the recent declines. Subscribe for our day-to-day newsletter today, and youll get 7 days of FREE access to our premium daily Stock Trading Alerts as well as our other Alerts.
Stocks backtracked some more of their recent declines on Tuesday. Will the marketplace continue higher following todays customer inflation data?