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Markets by Mike Paulenoff 4/12 - AAPL Ignores the Reaction to JPM

Friday April 12th, 2019
by Mike Paulenoff

AAPL-- as we discussed last evening, AAPL is NOT participating in today's rip-your-face-off rally in reaction to big bank earnings and good news on the Chinese economy, the latter of which should be supportive news for AAPL. This reinforces my technical work that argues AAPL is at or nearing upside exhaustion after its advance from 142 to 202.85 (+43%), and as such, is ripe for a correction.

All eyes on nearest term support at 196.00, which if violated, will point towards 186-188 thereafter, as AAPL tests the integrity of its January-April up trendline... Last is 198.26/27


Tiger's Take:  Use caution if you own Apple or trade it. If Mike is right and this is at upside exhaustion point, then maybe sell some covered calls or upside calls. OR just take some profits.


$SPY  $DIA  $QQQ $AAPL

Mike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

*  I really like Mike's charts and analysis. This is shared with my readers here via MPtrader.com  *


Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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