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Quick Observation About Apple

Just as I noted last night about the utilities sector, the weekly RSI of Apple is now in danger of turning the 50 level into resistance. Note as much in the top pane, below. The transition of weekly RSI 50 from support over a multi-year bull run into resistance is usually one of the hallmarks of a major inflection point. Watch this closely.

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  1. Bozo on a bus

    Good observation on the RSI below 50. One might imagine APPL has traced out an assymetrical H&S top with the neckline around 520. If that’s the caase, we’re now trading below the neckline, and not looking so good.

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  2. Romeo Fayette

    If I had to trade AAPL (which I don’t & won’t), I’d call this a bullish technical setup:
    There’s a weak falling wedge and bull divergence on daily indicators. If you zoom out on the daily or weekly charts, this could be the second bump of trendline support in a bull flag too.
    I’m very bearish on the QQQs/NASDAQ, so I don’t want to get in front of this train.

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