Apple Bounced From the $170 Price Level.
Recently, Apple stock broke listed below its two-month long upward trend line after reaching the new record high of $182.94 on Tuesday. Up until now, it looks like a down correction and the nearest important support level is at $165-170, marked by the previous low and high. The stock trades within an over month-long consolidation of around $170-180.
Is this a medium-term topping pattern? Its getting extremely difficult to essentially validate the Apples present market capitalization of around $3 trillion.
Q4 2021 hedge fund letters, conferences and more Another Strong Year For Read MoreThe S&P 500 index acquired 0.92% yesterday, as it got back above the 4,700 level. The broad stock markets gauge extended its advance following Mondays upward turnaround from the local low of 4,582.24. The broad stock market continues to trade within an over two-month long combination.
On Dec. 3 the index was up to the regional low of 4,495.12 and it was 5.24% below the previous record high. So it was a quite mild downward correction or simply a consolidation following in 2015s advances.
The nearby 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 support 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 regional highs once again, as we can see on the everyday chart (chart by courtesy of http://stockcharts.com):.
The broad stock markets gauge extended its advance following Mondays upward turnaround 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 below its two-month long upward pattern line after reaching the new record high of $182.94 on Tuesday. The broad stock market will backtrack more of the current 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.
Conclusion.
The S&P 500 index is anticipated to open 0.4% higher this morning following the Consumer Price Index release which was a little higher than expected at +0.5% m/m. So the broad stock exchange will retrace more of the recent decreases. We might see a profit taking action later on in the day.
Heres the breakdown:.
The S&P 500 extended its short-term uptrend the other day. It might be still a correction within a sag or some further consolidation along the 4,700 level.
In our viewpoint no positions are currently validated from the risk/reward viewpoint.
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Thank you.
Paul Rejczak,.
Stock Trading Strategist.
Sunlight Profits: Effective Investments through Diligence and Care.
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Upgraded on Jan 12, 2022, 2:56 pm.
Stocks retraced some more of their current decreases on Tuesday. Will the market continue greater following todays customer inflation information?
