There is no lineDo not try and bend the line.
That's impossible. Instead... only try to realize the truth.
There is no line.
Then you'll see, that it is not the line that bends, it is only yourself.
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Apple is the poster child of the SPY, its largest holding.
I've been a fan of Apple since I first learned to program pascal in high school.
Even during the steepest decline of March 20, apple faired better than most equities only dropping to lows from 3 months gains.
There has only really been 3 key resistance levels for APPL since.
1. The "Shiny and Chrome" bulls buying the top while shouting "Witness Me".
2. QE fueled "By The Dip / Sell The Rip".
3. And the soon to be minted Last Bull Standing.
Apple announcing they are selling bonds to fund buybacks during a time when interest rates are rising and they are passing on costs of inflation to consumers is a pretty tough pill for me to swallow.
One week they are telling us they are freezing hiring to fuel recession fears only to drop their stock price, and turn around to buy the dip when their execs have the most to gain.
It isn't iPhones that is going to heat homes in the winter.
Is there a chance these buybacks will push apple back into a pre-recession channel, maybe, but I'm leaning down from here.
At least not until CPI in august shows some pulling back or DXY begins to break.
