AAPL ‘should’ (operative word) find a support level HERE or a little lower
we all know that AAPL is responsible for a LOT of the point count out there … looking at the XLP/NYSE Index ratio and also the NYSE Index and it’s .382 retracement w/ the measured percentage move of 2000-2003 and the long term log trend line certainly looks like we should find some support HERE and NOW.
if these levels give away, it’s really not a good thing … read that last sentence again … they could very well give away. massive liquidation occurring right now. so … the “levels are the levels” but in this type of environment it’s probably a good thing to wait for a SRC on a weekly basis or something like that …
I’m simply trying (the operative word) to be unbiased and find SUPPORT levels that will stop this insanity. from there we can figure out the type of move (corrective, impulsive, etc.) and make detailed projections .. right now, am using measured moves from weekly/monthlies and then geometry to find the levels.
I am NOT advocating BUYing – just yet.
MSFT / AAPL – note, long term LOG scale and it appears that MSFT (from a relative strength perspective) has broken out this month …
now, this does not mean that the MSFT stock won’t go down – it simply means – from a relative strength perspective – it appears that MSFT is the ‘stronger’ of the two. If you notice, they both reign supreme for about 10 years and then one outperforms the other.
also, note, since 2012 we have been stair stepping our way UP (higher bottoms) culminating in a nice breakout this month … again, these are MONTHLY candles.
will be interesting to see how this plays out …
I love ratio analysis … X/Y. If X stronger then the chart goes up and if Y is stronger then the chart goes down.
the AMZN/BABA ratio is showing some signs of a coming bounce in the strength of AMZN vs BABA:
- .618 retracement from the all time low of the ratio
- a ‘basic’ minimum downside projection from the neckline of the ratio
- bullish divergence on the weekly RSI …
as you can see … AMZN took the strength from BABA for about a year .. then they were neck-in-neck (shown as the H+S developing) then in June 2017 BABA took off and started to outperform …
will be interesting to watch … found it interesting this morning.
folks, knowing what’s going on in the currency market is so crucial .. not only does it completely dwarf any other market out there in volume/volatility but it also play such a crucial roll in the flow of funds, affects on commodities, etc.
back in 2015 I posted “the most important chart of 2015″ and it was the Chinese Yuan: https://bartscharts.com/2015/12/09/most-important-chart-to-end-2014-revisited-in-december-2015/
I was aware that $AAPL did a bunch of manufacturing over there and, in the past, had shown the correlation of the price of Palladium to $AAPL stock. You can check that out here – https://bartscharts.com//?s=palladium
it’s take a little bit of time – imagine that – but as the entire world was wondering ….”hmmm, I wonder if the Chinese are done letting the Yuan gain strength against the USD” $AAPL was making it’s all time high and digesting this same thought .. (see dashed red rectangle below). The Chinese answered the question w/ a BIG EXPLOSIVE CANDLE … Answer: guess this move weakening the Yuan is real.
Now $AAPL. Note, when the “big move” came by the Chinese AAPL cracked and, since then, has been correlating nicely w/ the swings in the Yuan.
So, cliff notes, pay attention the Chinese Yuan and $APPL together …will this correlation break in the future? Probably but for now as the Yuan continues to weaken against the USD, $AAPL sure seems to be having a tough time …
Let me know if you have any questions … continue to make it a great weekend wherever you are….
PS – here’s some work for $AAPL over @seeitmarket
Palladium and AAPL and NAZZIE and XLK (tech ETF) – are VERY interesting right now.
- Palladium – CLEAR 5 waves up ….
- Note the charts below – while not exact they do trend the same and while at times leading and lagging each other, once they do turn they sync and roll.
- Note, the XLK and PALLADIUM.
- They are almost exact coming into the lows in 2003 and all the way up into 2008 and then down into 2009
- The most interesting aspect is the big corrective move down in Palladium in 2011-2012. Note how XLK paused and consolidated and then took off.
- What’s happening now …? Palladium has collapsed – big. And XLK has paused and held the highs … with XLK showing a clear 5 wave move up we might be on the verge of a big move in technology. (hint hint: perhaps the target on AAPL is a BIG LOW and off they go?)
Charts – check em’ out and draw your own inclusion.
03/14/2016 – update
the move down to 16 did not materialize but do believe the Mirror Image Foldback is still working. Put this one on the radar screen as it appears to be getting ready to blow. An update chart below:
PUT THIS ONE ON THE RADAR SCREEN ….
now, look at these relative strength charts of CSCO vs FB/GOOGL/AAPL/AMZN
believe it or not … the glamour names certainly look to be under pressure from CSCO and it “should” start to outperform on a relative strength basis. With this type of underlying strength, watch for the breakout noted above.
Let me know if you have any questions.
$AAPL now making news …
certainly enjoy “playing” w/ the pro’s from @seeitmarket – thanks Andy!
Rock on, OK?