Is AAPL the Canary in the coal mine?
Market Strength VS the main Boss
AAPL is in a clear weekly downtrend and is approaching EMA 12 on the that timeframe. Given its relative weakness we need to ask, is AAPL about to turn over, or is it playing laggard?
Until bulls prove us wrong we need to scot for weakness and be ready to take advantage. Aggressive bears will be looking for short entries near the $137.29 double top, perhaps scaling in on any bull breaks over that level that may result from an emotional push into 4 hour overbought territory. This is risk as there will be little in the way of technical stop levels. Conservative bears will be waiting for the loss of larger trends, stopping out at breakeven levels. Swing traders will want to see a bear break of $135.60 and lower hourly highs to follow.
Should the bulls continue we will reset and keep stalking the trade.
AAPL is in a clear weekly downtrend and is approaching EMA 12 on the that timeframe. Given its relative weakness we need to ask, is AAPL about to turn over, or is it playing laggard?
Until bulls prove us wrong we need to scot for weakness and be ready to take advantage. Aggressive bears will be looking for short entries near the $137.29 double top, perhaps scaling in on any bull breaks over that level that may result from an emotional push into 4 hour overbought territory. This is risk as there will be little in the way of technical stop levels. Conservative bears will be waiting for the loss of larger trends, stopping out at breakeven levels. Swing traders will want to see a bear break of $135.60 and lower hourly highs to follow.
Should the bulls continue we will reset and keep stalking the trade.
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