Whilst the main market remains in minor chop mode, attention is naturally shifting to AAPL, which has earnings due at 5pm EST. As some believe, will this be the first time iPhone sales actually decline... and will the market still be able to just ignore a lousy earnings/outlook, and ramp AAPL to the gap zone of $109/108 ?
From a pure cyclical (daily) perspective, AAPL is more vulnerable to upside than downside.
However, price momentum itself is outright bearish.
Best guess: a break under the lower gap zone of 103/102, there is a lot of price cluster support in the 98/96 zone.
*To be clear.. I have no position in AAPL, and will merely watch it in AH for sheer entertainment reasons.
Meanwhile.... here in London city...
Naturally, yours truly has a penchant for open spaces whenever lightning bolts start to rain down. Bullish ionised air.
back at 3pm