Apple Inc. (NASDAQ:AAPL) Is there more to come?
It wasn’t long ago that Amazon and Apple share prices seemed to defy gravity, and were pulling the rest of the stock market up with them. But what goes up tends also to come down, and the biggest technology companies plunged as jittery investors cashed out today (Oct. 10), sending the tech sector to its worst day since 2011, according to the Wall Street Journal.
Tech stocks in the Standard & Poor’s 500 index tumbled 4.85%, and pulled the entire market down with them. The Dow Jones Industrial Average fell 831 points, which sounds scary, but since the Dow was soaring above 26,000, it was only a 3% drop and just the 80th biggest one-day fall in history, according to the Journal.
While it’s way too early to say the US economy is moving toward a long-overdue recession, tech stocks were in line for a correction after their gains this summer.
First Apple, then Amazon, reached $1 trillion market capitalizations in recent months, fueled by robust earnings and optimism about consumer buying power. But investors are beginning to doubt the shares will climb in perpetuity, as rising interest rates and nervousness about trade wars are signaling its time to move into more stable investments.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 226.99.
The projected lower bound is: 206.77.
The projected closing price is: 216.88.
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 24.6265. This is not an overbought or oversold reading. The last signal was a sell 4 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 42.67. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 24 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -99. This is not a topping or bottoming area. The last signal was a sell 4 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 2 period(s) ago.
Rex Takasugi – TD Profile
APPLE INC closed down -10.510 at 216.360. Volume was 52% above average (neutral) and Bollinger Bands were 0% narrower than normal.
Open High Low Close Volume___
225.460 226.350 216.050 216.360 41,990,552
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 225.86 218.68 188.63
Volatility: 37 30 28
Volume: 29,432,232 32,410,052 31,138,862
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
APPLE INC is currently 14.7% above its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of AAPL.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on AAPL.O and have had this outlook for the last 0 periods.
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