Apple Inc. (NASDAQ:AAPL) makes cuts at autonomous vehicle unit

Apple Inc. (NASDAQ:AAPL) makes cuts at autonomous vehicle unit

Apple Inc. (NASDAQ:AAPL) makes cuts at autonomous vehicle unit

U.S. stock futures were higher this morning after stocks managed to rally before the close Wednesday. That gave the Dow, S&P 500, and Nasdaq their fifth gains in six sessions, and made up for at least part of Tuesday’s losses.

Apple (AAPL) cut more than 200 employees from its autonomous vehicle group known as Project Titan, according to people familiar with the matter who spoke to CNBC. A spokesperson said the company still sees opportunity in the market.

The European Central Bank will issue an interest rate decision at 7:45 a.m. ET. Here in the U.S., the Labor Department is out with its weekly report on initial jobless claims at 8:30 a.m. ET. The Energy Department releases its usual Thursday look at natural gas inventories at 10:30 a.m. ET.

Earnings reports out this morning include American Airlines (AAL), Bristol-Myers Squibb (BMY) and Southwest Airlines (LUV). Dow component Intel (INTC) and Starbucks (SBUX) lead today’s list of after-the-bell earnings reports.

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

The projected upper bound is: 165.41.

The projected lower bound is: 137.76.

The projected closing price is: 151.58.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 32.0455. This is not an overbought or oversold reading. The last signal was a sell 2 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 42.74. 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 buy 13 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 20. This is not a topping or bottoming area. The last signal was a buy 12 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 17 period(s) ago.

Rex Takasugi – TD Profile

APPLE INC closed down -1.220 at 152.700. Volume was 100% below average (consolidating) and Bollinger Bands were 45% narrower than normal.

Open High Low Close Volume___
154.110 154.480 151.740 152.700 6,460

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 153.67 166.41 191.84
Volatility: 24 53 38
Volume: 27,162,630 43,064,820 33,220,718

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.

Summary

APPLE INC is currently 20.4% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into AAPL.O (mildly bullish). Our trend forecasting oscillators are currently bearish on AAPL.O and have had this outlook for the last 1 periods.

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