Apple has shaped a large double-top sample. Ed Ponsi for TheStreet’s Actual Cash explains why a failing AAPL might mark the start of the top this market malaise.
Ed Ponsi for TheStreet’s Actual Cash:
Apple has shaped a large double-top sample. This bearish formation has been beneath development for 15 months. Utilizing an old-school measuring method, the sample means that Apple might fall as little as $90. Earlier this week, the inventory hit an 18-month low.
I’m lengthy this inventory, so it pains me to say this, however perhaps a less expensive Apple is precisely what this market wants… I don’t need to spend 2023 watching this market slowly bleed the best way it did in 2022. I’m not rooting for Apple to fail, however I’m rooting for the top of the bear market in 2023.
Apple is scheduled to report earnings after the shut on Jan. 26. The Federal Open Market Committee ought to elevate the Fed funds fee on Feb. 1. We’re a few month away from discovering out if Apple will fall like so a lot of its friends.
If it does, there can be a silver lining. It might mark the start of the top of this era of market malaise.
MacDailyNews Take: Charts are good and “old-school measuring methods” are cute, however Apple’s share repurchase program, to which a rise of $90 billion was added simply eight months in the past could have one thing to say about how low AAPL will go.
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[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]