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SSS - The Apple (AAPL) Mosh Pit, Part Deux

This morning in our Pre-Market Pulse we noted the 2% gap-up in AAPL shares pre-open that in fact took the stock beyond the 531 level, the same place it found resistance three days ago. This is a fluid and fascinating situation here, and we think it bears watching as a high-volume reversal in AAPL could send the stock towards the $500 level, where the neckline in its Head & Shoulders top formation lies.

While it would be "logical" for AAPL to rally with the market in a continued upside index trend, it woudl also be logical for AAPL to lead a market reversal, which it appears to be doing as the NASDAQ Composite turns red here just after 8:00 a.m. Pacific time. As well, the indexes have broken out of a short flag formation, which is bullish action on its face, but less than 2 hours into the trading day we are seeing some selling into the rally and a mini-reversal thus far. Whether this carries through to the downside remains to be seen, but we think AAPL bears watching in this regard. If the market were to reverse course here on a "breakout and fakeout" type of move, we would expect AAPL to push lower in rapid fashion.

This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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