Apple (AAPL) Appears to be Extending the Bullish Trend with Continuation Breakout Looming
Apple opened very strong on Monday, leading us to forecast a continuation breakout and an extension to its current bullish trend reversal. RSI and MACD were in a bullish trend, with MACD above its signal line and climbing fast to start the week. In addition, the 20/50d moving averages suggested a bullish cross is imminent.
AAPL at 10:12 AM Monday.
Apple (AAPL) Close
Apple is currently trending higher in early trading, hovering near 172.57 (+/-) the breakout pivot (AOI) we were watching during the Monday trading session. RSI and MACD are extending higher, with room to run. Both look very strong going into the Opening Bell.
As a side note, we entered a position the night of earnings (avg. 160.10).
The above suggests a continuation today for AAPL, while SPY, QQQ, and IWM point to overheated investor optimism. This optimism suggests the FOMO crowd is entering at precisely the wrong time. This unbridled enthusiasm also suggests we should be nimble, as we anticipate a pullback is way overdue.
The S&P 500 gained +16.12% to date (2346.58 > 2724.87), referencing December 26 lows.
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