short term stretched , intermediate term likely trouble
AAPL I dropped a chart wednesday after the bell pointing out Apple was in trouble short term after breaching that 430 level. We did see a nice 9 dollar bounce off the overly watched 420 level and when everyone is watching a certain level to hold its rare that it will. Similar to my note on the SPY, we are stretched here to the downside. Does not mean we cannot push lower, but odds start to favor retracement like action. Fridays lows, 418-420ish, and then the breakdown level up near 430 are the resistance levels to watch in the short term. I am holding some July 410 calls I picked up around 409 yesterday and I could be out of those as soon as Monday if I do not like what I see. Stay objective. This is a bearish chart.
Evan Medeiros
Founder, Trade Risk
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Website: thetraderisk.com
Twitter: twitter.com/evanmedeiros
Latest Analysis: thetraderisk.com/smw
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Founder, Trade Risk
---
Website: thetraderisk.com
Twitter: twitter.com/evanmedeiros
Latest Analysis: thetraderisk.com/smw
Free Newsletter: thetraderisk.com/trading-newsletter
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.
Evan Medeiros
Founder, Trade Risk
---
Website: thetraderisk.com
Twitter: twitter.com/evanmedeiros
Latest Analysis: thetraderisk.com/smw
Free Newsletter: thetraderisk.com/trading-newsletter
Founder, Trade Risk
---
Website: thetraderisk.com
Twitter: twitter.com/evanmedeiros
Latest Analysis: thetraderisk.com/smw
Free Newsletter: thetraderisk.com/trading-newsletter
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.