Just like SPY, AAPL has formed a head & shoulders pattern signaling a reversal of the prior uptrend. Strong bearish sentiment in the market promises to help see this reversal through. Look to enter at a daily close below $168. If this level of support breaks down, we could see a stark drop in price. Place an initial stop loss at $169. No particular price target in mind since there seems to be a lot of downside. I would look to follow price with a trailing stop to see how much profit is up for the taking. Also, be on the lookout for rate hike announcement at FOMC next week.
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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.