With all the negative news out there over the financial sector, as well as the broader market, I’m reminded of the idea that the market will climb a wall of worry.
As the chart above shows us, people clearly like Apple Inc. (AAPL) as a flight to safety right now.
The definition of a technical uptrend involves higher highs and higher lows. We’re now seeing that with AAPL’s stock. So, since the bottom in January, we’re officially in an uptrend.
We also have a MACD that’s bullish… which has been shown to lead to longer and more bullish payday cycles. Those that have been shorting Apple hoping for a big drop are looking at the wrong indicators.
Remember, we trade off price and NOT the news. Technically speaking, $157 is our threshold.
If we break $157, I’ll be looking for a move to $145/$150.
If AAPL can hold this level – around $157 – we’re sideways to up and potentially breaking out.
We’ll see what happens when I check in with you again next Monday.
Have a great week!