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APPLE Daily Technicals - Dead Cat Bounce ?   
 June 1 ​( From TradingView  )
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​​​​​​​​​​​​​We did close on May 26 below $131.21 then triggering the Bearish Phase...

Last Friday I wrote: ​​​​​​​​​​​​​​​​​So last day for end of the month rebalancing
​( selling equities and buy bonds ) will keep slight pressure on US equities
​today. But the most importnat factor for Apple Shares today is the Weekly
​Options Magnet; the least pain for market makers is below the $130 handle...
​​
So we had that end of the month correction on the SP500 and the weekly options magnet at the $130 handle.
​Now I expect a tiny rebound to retest in the next few trading sessions of the Resistance Trendline for today at $ 131.40. Failing to break it or not on a daily close will trigger the remaining technicals pattern...


But have in mind that Seasonalities in June for AAPL are weak as stated in my Weekly Research:
​​​APPLE Technicals Behavior - June Seasonals: Lower Your Expectations ?


​​​​Need to stay on a daily close ​below $131.40 to iAm in a Bearish Mode...
​​
​​​​​​IF we do close today above $131.40, ​then expect another Bullish Impulse: $132.57 to MAX $133.60
​​​​​​​IF we do close today below $129.64, ​then expect another Bearish Impulse:  $128.76 to MAX $127.55

​​Seasonals are Bullish til June 3.


​​
A few technical comments:​​​​

1) On May 26, ​closed ​below the Resistance Trendline then at $131.21
​2)On May 22, ​closed ​above the Weekly Resistance of an uptrend channel at $130.96
3)On May 21​, Apple Shares closed Above the Resistance Trendline then at $131.12
​4) On May 8, closed ​above the 20 DMA then at $127.58
5) On May 8, closed ​above the 50 DMA then at $126.74

​​6)
On May 6, ​closed below a ​​​Major Support Trendline that started back on March 12 then at $125.30
​​​7) On May 5, closed ​below the 20 DMA then at $127.69
8) On May 5, closed ​below the 50 DMA then at $127.10
​9) On May 5, ​the 20 DMA on the Ratio of Apple Shares Price compare to the SP500 closed Below the 50 DMA



On a ratio basis compare to the SP500​, the 20 DMA ( Day Moving Average ) on May 5 closed below the 50 DMA: Last time was April 16... (3rd chart below - red line - ellipse).

​​​​​​​​​I expect volatility to be average today.

​​​​​​​​​​​​​​​​​​​​​Relative Volatility fell to 1.53 ( with weaker prices - a bad mix​ - see 4rth chart below ) ​and ​​​Counter ​​​​​​Trend ​​​is Neutral for Apple Shares ​and ​finally, Correlation ​​​is not anymore within he ​​critical​ ​​​​level with the SP500;  (from  0.42 to 0.64).         ​​Those risks factors are Neutral compare to the last few sessions.


​​
​​​Now back to technicals:​​

We are within a new downtrend channel that started on May 22 with ​$128.82 support and $132.57 as resistance

We are also back within an old uptrend channel that started on May 6 with ​$129.64 support and $133.13 as resistance.

​​​​​​​
​​​​​​​​
​​
​​​​​​​​​​​​​​​​​​​​​​​​​​
​​​​​​​​​​​​​For the weekly, we are within an uptrend channel  that started on the week of May 4 with $129.27 as support and $136.51 as resistance. See 2nd chart below.


​​Starting to trade below $129.64 will mean to me extreme technical weakness...​​​​​
​​Starting to trade AND stay above $131.40 will mean to me technical strength...​​​​​


Starting to trade and/or a daily close above $131.40 ​will give us another ​bullish ​impulse scenario ​and direct go towards $132.57 ​​max $133.60 for ​​now ​in ​the ​​next few sessions.

​​Need to stay on a daily close ​below $131.40 to iAm in a Bearish Mode...

​A daily close Below $131.40 but above $129.64 will mean for me that we are ​​​into a ​Bear pattern trade scenario for a few sessions.

​A daily close below $129.64 will mean for me ​that we are back into a Bear phase and ​another gap down ​towards ​$128.​82 max $127.55.

Apple shares underperformed the SP500 on May 29 ​​(see 3rd chart chart below).

​​​Expect a day trading range between $130.00 - $131.50 with  above average volatility.

​​​​​​Support : $129.90 and $129.64 and $128.82        Resistance :​​ $130.98 and  $131.40 and $132.57


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RATIO AAPL​ Stock over SPX ( Blue Line )
SP500 Index ( Candles )


​ AAPL​ Stock Price Daily  ( Daily Candle Chart )

AAPL Relative Volatility ( Candle Chart )
​7 DMA ( Yellow Line )

AAPL​ Stock Price Daily ( Weekly Candle Chart )


June 1 Dead Cat Bounce ?
​​​​​​​​​​​​​​​We did close on May 26 below $131.21 then triggering the Bearish Phase...​

Last Friday I wrote: ​​​​​​​​​​​​​​​​​So last day for end of the month rebalancing
​( selling equities and buy bonds ) will keep slight pressure on US equities
​today. But the most importnat factor for Apple Shares today is the Weekly
​Options Magnet; the least pain for market makers is below the $130 handle...
​​
So we had that end of the month correction on the SP500 and the weekly options magnet at the $130 handle.
​Now I expect a tiny rebound to retest in the next few trading sessions of the Resistance Trendline for today at $ 131.40. Failing to break it or not on a daily close will trigger the remaining technicals pattern...

But have in mind that Seasonalities in June for AAPL are weak as stated in my Weekly Research:
​​​APPLE Technicals Behavior - June Seasonals: Lower Your Expectations ?


​​​​Need to stay on a daily close ​below $131.40 to iAm in a Bearish Mode...
​​
​​​​​​​​​IF we do close today above $131.40, ​then expect another Bullish Impulse: $132.57 to MAX $133.60
​​​​​​​IF we do close today below $129.64, ​then expect another Bearish Impulse: $128.76 to MAX $127.55

​​Seasonals are Bullish til June 3.


​​
A few technical comments:​​​​

1) On May 26, ​closed ​below the Resistance Trendline then at $131.21
​2)On May 22, ​closed ​above the Weekly Resistance of an uptrend channel at $130.96
3)On May 21​, Apple Shares closed Above the Resistance Trendline then at $131.12
​4) On May 8, closed ​above the 20 DMA then at $127.58
5) On May 8, closed ​above the 50 DMA then at $126.74
​​6) On May 6, ​closed below a ​​​Major Support Trendline that started back on March 12 then at $125.30
​​​7) On May 5, closed ​below the 20 DMA then at $127.69
8) On May 5, closed ​below the 50 DMA then at $127.10
​9) On May 5, ​the 20 DMA on the Ratio of Apple Shares Price compare to the SP500 closed Below the 50 DMA


​On a ratio basis compare to the SP500​, the 20 DMA ( Day Moving Average ) on May 5 closed below the 50 DMA: Last time was April 16... (3rd chart below - red line - ellipse).

​​​​​​​​​I expect volatility to be average today.

​​​​​​​​​​​​​​​​​​​​​​Relative Volatility fell to 1.53 ( with weaker prices - a bad mix​ - see 4rth chart below ) ​and ​​​Counter ​​​​​​Trend ​​​is Neutral for Apple Shares ​and ​finally, Correlation ​​​is not anymore within he ​​critical​ ​​​​level with the SP500; (from 0.42 to 0.64). ​​Those risks factors are Neutral compare to the last few sessions.


​​
​​​Now back to technicals:​​

We are within a new downtrend channel that started on May 22 with ​$128.82 support and $132.57 as resistance

We are also back within an old uptrend channel that started on May 6 with ​$129.64 support and $133.13 as resistance.

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the weekly, we are within an uptrend channel that started on the week of May 4 with $129.27 as support and $136.51 as resistance. See 2nd chart below.


​​​Starting to trade below $129.64 will mean to me extreme technical weakness...​​​​​
​​Starting to trade AND stay above $131.40 will mean to me technical strength...​​​​​

Starting to trade and/or a daily close above $131.40 ​will give us another ​bullish ​impulse scenario ​and direct go towards $132.57 ​​max $133.60 for ​​now ​in ​the ​​next few sessions.

​​Need to stay on a daily close ​below $131.40 to iAm in a Bearish Mode...

​A daily close Below $131.40 but above $129.64 will mean for me that we are ​​​into a ​Bear pattern trade scenario for a few sessions.

​A daily close below $129.64 will mean for me ​that we are back into a Bear phase and ​another gap down ​towards ​$128.​82 max $127.55.

Apple shares underperformed the SP500 on May 29 ​​(see 3rd chart chart below).

​​​Expect a day trading range between $130.00 - $131.50 with above average volatility.

​​​​​​Support : $129.90 and $129.64 and $128.82 Resistance :​​ $130.98 and $131.40 and $132.57
May 29 Month End - Weekly Options Magnet ?
​We did close on May 26 below $131.21 then triggering the Bearish Phase...​

Yesterday I wrote: ​​​​​​​​​​​​​​​I think we will shift back to month end behavior with risk
​of a slight profit taking in equities...​​So for AAPL kind of 129 to 133 range
​til month end...​ And tough to trade...

​​So last day for end of the month rebalancing ( selling equities and buy bonds ) will keep slight pressure on US equities today. But the most importnat factor for Apple Shares today is the Weekly Options Magnet; the least pain for market makers is below the $130 handle...
​​
​​Need to stay on a daily close ​below $132.04 to iAm in a Bearish Mode...
​​
​​​​​​​​​IF we do close today above $132.04, ​then expect another Bullish Impulse: $132.65 to MAX $133.60
​​​​​​​IF we do close today below $131.33, ​then expect another Bearish Impulse: $130.05 to MAX $129.28

​​Seasonals are Bullish til May 31.


​​
A few technical comments:​​​​

1) On May 26, ​closed ​below the Resistance Trendline then at $131.21
​2)On May 22, ​closed ​above the Weekly Resistance of an uptrend channel at $130.96
3)On May 21​, Apple Shares closed Above the Resistance Trendline then at $131.12
​4) On May 8, closed ​above the 20 DMA then at $127.58
5) On May 8, closed ​above the 50 DMA then at $126.74
​​6) On May 6, ​closed below a ​​​Major Support Trendline that started back on March 12 then at $125.30
​​​7) On May 5, closed ​below the 20 DMA then at $127.69
8) On May 5, closed ​below the 50 DMA then at $127.10
​9) On May 5, ​the 20 DMA on the Ratio of Apple Shares Price compare to the SP500 closed Below the 50 DMA


​On a ratio basis compare to the SP500​, the 20 DMA ( Day Moving Average ) on May 5 closed below the 50 DMA: Last time was April 16... (3rd chart below - red line - ellipse).

​​​​​​​​​I expect volatility to be above average today.

​​​​​​​​​​​​​​​​​​​​​​Relative Volatility fell to 1.58 ( with weaker prices - a bad mix​ - see 4rth chart below ) ​and ​​​Counter ​​​​​​Trend ​​​is Neutral for Apple Shares ​and ​finally, Correlation ​​​is not anymore within he ​​critical​ ​​​​level with the SP500; (from 0.37 to 0.42). ​​Those risks factors are Neutral compare to the last few sessions.


​​
​​​Now back to technicals:​​

We are within a new downtrend channel that started on May 22 with ​$128.89 support and $132.65 as resistance

We are also back within an old uptrend channel that started on May 6 with ​$129.28 support and $132.76 as resistance.

​​​​​​​We broke on May 26 an uptrend channel that started on May 18 with ​$130.82 support and $133.25 as resistance

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the weekly, we are within an uptrend channel that started on the week of February 23 with $125.54 as support and $135.04 as resistance. See 2nd chart below.


​​​Starting to trade below $131.33 will mean to me extreme technical weakness...​​​​​
​​Starting to trade AND stay above $132.04 will mean to me technical strength...​​​​​

Starting to trade and/or a daily close above $132.04 ​will give us another ​bullish ​impulse scenario ​and direct go towards $132.65 ​​max $133.60 for ​​now ​in ​the ​​next few sessions.

​​Need to stay on a daily close ​below $132.04 to iAm in a Bearish Mode...

​A daily close Below $132.04 but above $131.33 will mean for me that we are ​​​into a ​Bear pattern trade scenario for a few sessions.

​A daily close below $131.33 will mean for me ​that we are back into a Bear phase and ​another gap down ​towards ​$130.​05 max $129.28.

Apple shares underperformed the SP500 on May 28 ​​(see 3rd chart chart below).

​​​Expect a day trading range between $130.00 - $132.20 with above average volatility.

​​​​​​Support : $131.33 and $130.05 and $129.28 Resistance :​​ $132.26 and $132.65 and $133.60

May 28 Month End ?
​​​We did close on May 26 below $131.21 then triggering the Bearish Phase...​

Yesterday I wrote: ​​​​​​​​​​​​​​​Well that Asset Mix Rebalancing started quite violently on
​May 26. What drives it is the US Dollar outperformance lately ( DXY Index )
​bringing on top of it some international sellers.
Also decorrelation of Apple vs SP500 make it underperformed in the sell off...​
Expect a tiny rebound today to $130.72 MAX $131.25 before resuming downtrend.

The dead cat bounce have been stronger than expected. Lately, we get extreme shift in markets as we often encounter near market highs...

I think we will shift back to month end behavior with risk of a slight profit taking in equities...​​
So for AAPL kind of 129 to 133 range til month end...​ And tough to trade...
​​
​​Need to stay on a daily close ​below $132.04 to iAm in a Bearish Mode...
​​
​​​​​​​​​IF we do close today above $132.04, ​then expect another Bullish Impulse: $132.81 to MAX $133.13
​​​​​​​IF we do close today below $131.30, ​then expect another Bearish Impulse: $130.05 to MAX $129.12

​​Seasonals are Bullish til May 31.


​​
A few technical comments:​​​​

1) On May 26, ​closed ​below the Resistance Trendline then at $131.21
​2)On May 22, ​closed ​above the Weekly Resistance of an uptrend channel at $130.96
3)On May 21​, Apple Shares closed Above the Resistance Trendline then at $131.12
​4) On May 8, closed ​above the 20 DMA then at $127.58
5) On May 8, closed ​above the 50 DMA then at $126.74
​​6) On May 6, ​closed below a ​​​Major Support Trendline that started back on March 12 then at $125.30
​​​7) On May 5, closed ​below the 20 DMA then at $127.69
8) On May 5, closed ​below the 50 DMA then at $127.10
​9) On May 5, ​the 20 DMA on the Ratio of Apple Shares Price compare to the SP500 closed Below the 50 DMA


​On a ratio basis compare to the SP500​, the 20 DMA ( Day Moving Average ) on May 5 closed below the 50 DMA: Last time was April 16... (3rd chart below - red line - ellipse).

​​​​​​​​​I expect volatility to be above average today.

​​​​​​​​​​​​​​​​​​​​​​Relative Volatility fell to 1.61 ( with stronger prices - a bad mix​ - see 4rth chart below ) ​and ​​​Counter ​​​​​​Trend ​​​is Neutral for Apple Shares ​and ​finally, Correlation ​​​is not anymore within he ​​critical​ ​​​​level with the SP500; (from 0.38 to 0.37). ​​Those risks factors are Neutral compare to the last few sessions.


​​
​​​Now back to technicals:​​

We are within a new downtrend channel that started on May 22 with ​$128.98 support and $132.75 as resistance

We are also back within an old uptrend channel that started on May 6 with ​$128.55 support and $132.44 as resistance.

​​​​​​​We broke on May 26 an uptrend channel that started on May 18 with ​$130.82 support and $133.25 as resistance

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the weekly, we are within an uptrend channel that started on the week of February 23 with $125.54 as support and $135.04 as resistance. See 2nd chart below.


​​​Starting to trade below $131.30 will mean to me extreme technical weakness...​​​​​
​​Starting to trade AND stay above $132.04 will mean to me technical strength...​​​​​

Starting to trade and/or a daily close above $132.04 ​will give us another ​bullish ​impulse scenario ​and direct go towards $132.81 ​​max $133.13 for ​​now ​in ​the ​​next few sessions.

​​Need to stay on a daily close ​below $132.04 to iAm in a Bearish Mode...

​A daily close Below $132.04 but above $131.30 will mean for me that we are ​​​into a ​Bear pattern trade scenario for a few sessions.

​A daily close below $131.30 will mean for me ​that we are back into a Bear phase and ​another gap down ​towards ​$128.​49 max $127.27.

Apple shares outperformed the SP500 on May 27 ​​(see 3rd chart chart below).

​​​Expect a day trading range between $131.00 - $132.50 with above average volatility.

​​​​​​Support : $131.30 and $130.05 and $129.12 Resistance :​​ $132.46 and $132.75 and $133.60

May 27 Dead Cat Bounce ?
​​​​​​​​​​​​​​​We did close on May 26 below $131.21 then triggering the Bearish Phase...​

Yesterday I wrote: ​​​Support Trendline today at ​$131.21. Failing to close above
​$131.21 today will cancel the Bull Impulse ​and back into the uptrend channel.
​SP500 did not close above his Resistance Trendline. Todays level is 2130.
The Battle will be this week between the Bullish Seasonalities and Month End Rebalancing as explained in my Weekly Research: APPLE Technicals Behavior - May Seasonals Revisited ?

​​​​​​​​​​​​Well that Asset Mix Rebalancing started quite violently on May 26. What drives it is the US Dollar outperformance lately ( DXY Index ) bringing on top of it some international sellers.
Also decorrelation of Apple vs SP500 make it underperformed in the sell off...​
Expect a tiny rebound today to $130.72 MAX $131.25 before resuming downtrend.

​​Need to stay on a daily close ​below $132.04 to iAm in a Bearish Mode...
​​
​​​​​​​​​IF we do close today above $132.04, ​then expect another Bullish Impulse: $132.81 to MAX $133.13
​​​​​​​IF we do close today below $129.52, ​then expect another Bearish Impulse: $128.49 to MAX $127.27

​​Seasonals are Bullish til May 31.


​​
A few technical comments:​​​​

1) On May 26, ​closed ​below the Resistance Trendline then at $131.21
​2) On May 22, ​closed ​above the Weekly Resistance of an uptrend channel at $130.96
3)On May 21​, Apple Shares closed Above the Resistance Trendline then at $131.12
​4) On May 8, closed ​above the 20 DMA then at $127.58
5) On May 8, closed ​above the 50 DMA then at $126.74
​​6) On May 6, ​closed below a ​​​Major Support Trendline that started back on March 12 then at $125.30
​​​7) On May 5, closed ​below the 20 DMA then at $127.69
8) On May 5, closed ​below the 50 DMA then at $127.10
​9) On May 5, ​the 20 DMA on the Ratio of Apple Shares Price compare to the SP500 closed Below the 50 DMA


​On a ratio basis compare to the SP500​, the 20 DMA ( Day Moving Average ) on May 5 closed below the 50 DMA: Last time was April 16... (3rd chart below - red line - ellipse).

​​​​​​​​​I expect volatility to be above average today.

​​​​​​​​​​​​​​​​​​​​​​Relative Volatility rose to 1.62 ( with weaker prices - a bad mix​ - see 4rth chart below ) ​and ​​​Counter ​​​​​​Trend ​​​is Neutral for Apple Shares ​and ​finally, Correlation ​​​is not anymore within he ​​critical​ ​​​​level with the SP500; (from 0.60 to 0.38). ​​Those risks factors are Neutral compare to the last few sessions.


​​
​​​Now back to technicals:​​

We are within a new downtrend channel that started on May 22 with ​$129.02 support and $132.81 as resistance

We are also back within an old uptrend channel that started on May 6 with ​$128.49 support and $132.04 as resistance.

​​​​​​​We broke on May 26 an uptrend channel that started on May 18 with ​$130.82 support and $133.25 as resistance

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the weekly, we are within an uptrend channel that started on the week of February 23 with $125.54 as support and $135.04 as resistance. See 2nd chart below.


​​​Starting to trade below $129.52 will mean to me extreme technical weakness...​​​​​
​​Starting to trade AND stay above $132.04 will mean to me technical strength...​​​​​

Starting to trade and/or a daily close above $132.04 ​will give us another ​bullish ​impulse scenario ​and direct go towards $132.81 ​​max $133.13 for ​​now ​in ​the ​​next few sessions.

​​Need to stay on a daily close ​below $132.04 to iAm in a Bearish Mode...

​A daily close Below $132.04 but above $129.52 will mean for me that we are ​​​into a ​Bear pattern trade scenario for a few sessions.

​A daily close below $129.52 will mean for me ​that we are back into a Bear phase and ​another gap down ​towards ​$128.​49 max $127.27.

Apple shares underperformed the SP500 on May 26 ​​(see 3rd chart chart below).

​​​Expect a day trading range between $129.50 - $131.20 with above average volatility.

​​​​​​Support : $129.52 and $128.49 and $127.27 Resistance :​​ $130.72 and $131.25 and $132.04

May 26 Seasonals vs Month End ?
​​​​​​​​​​​​​​​​We did close on May 14 above $126.51 then triggering the Bullish Phase...​

Last Friday I wrote: ​​​Finally On May 21, Apple Shares closed Above the
​Resistance Trendline then at $131.12. Becomes Support Trendline today at
​$131.16. Failing to close above $131.16 today will cancel the Bull Impulse
​and back into the uptrend channel. SP500 did not close above his Resistance Trendline. Todays level is 2129.5.

Support Trendline today at ​$131.21. Failing to close above $131.21 today will cancel the Bull Impulse
​and back into the uptrend channel. SP500 did not close above his Resistance Trendline. Todays level is 2130.

Weekly Options last Friday had little impact, quite surprise of that...

​Finally it went on May 22 below the 0.75 trehold level on the correlation factor​​ between the SP500 Index and Apple Shares. Almost a record: 16 days.

​​​The Battle will be this week between the Bullish Seasonalities and Month End Rebalancing as explained in my Weekly Research: APPLE Technicals Behavior - May Seasonals Revisited ?


​​​​​​​​​IF we do close today above $132.83, ​then expect another Bullish Impulse: $133.25 to MAX $133.60
​​​​​​​IF we do close today below $131.21, ​then expect another Bearish Impulse: $130.82 to MAX $128.42

​​Seasonals are Bullish til May 31.


​​
A few technical comments:​​​​

1) On May 22, ​closed ​above the Weekly Resistance of an uptrend channel at $130.96
2) On May 21​, Apple Shares closed Above the Resistance Trendline then at $131.12
​3) On May 8, closed ​above the 20 DMA then at $127.58
4) On May 8, closed ​above the 50 DMA then at $126.74
​​5) On May 6, ​closed below a ​​​Major Support Trendline that started back on March 12 then at $125.30
​​​6) On May 5, closed ​below the 20 DMA then at $127.69
7) On May 5, closed ​below the 50 DMA then at $127.10
​8) On May 5, ​the 20 DMA on the Ratio of Apple Shares Price compare to the SP500 closed Below the 50 DMA


​On a ratio basis compare to the SP500​, the 20 DMA ( Day Moving Average ) on May 5 closed below the 50 DMA: Last time was April 16... (3rd chart below - red line - ellipse).

​​​​​​​​​I expect volatility to be above average today.

​​​​​​​​​​​​​​​​​​​​​​Relative Volatility fell to 1.61 ( with stronger prices - a bad mix​ - see 4rth chart below ) ​and ​​​Counter ​​​​​​Trend ​​​is Neutral for Apple Shares ​and ​finally, Correlation ​​​is back within he ​​critical​ ​​​​level with the SP500; (from 0.97 to 0.60). ​​Those risks factors are Bearish compare to the last few sessions.

​​​Now back to technicals:​​

​​​We are within an uptrend channel that started on May 18 with ​$130.82 support and $133.25 as resistance

​​We broke on May 21 an old uptrend channel that started on May 6 with ​$127.43 support and $130.98 as resistance.

​​​​We broke on May 20 an uptrend channel that started on May 12 with ​$130.09 support and $132.56 as resistance.

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the weekly, we are within an uptrend channel that started on the week of February 23 with $125.54 as support and $135.04 as resistance. See 2nd chart below.

​​​Starting to trade below $131.21 will mean to me extreme technical weakness...​​​​​
​​Starting to trade AND stay above $132.83 will mean to me technical strength...​​​​​

Starting to trade and/or a daily close above $132.83 ​will give us another ​bullish ​impulse scenario ​and direct go towards $133.25 ​​max $133.60 for ​​now ​in ​the ​​next few sessions.

​​Need to stay on a daily close ​above $131.21 to iAm in a Bullish Mode...

​A daily close Below $131.95 but above $130.31 will mean for me that we are ​​​into a ​Bull pattern trade scenario for a few sessions.

​A daily close below $131.21 will mean for me ​that we are back into a Bear phase and ​another gap down ​towards ​$130.​82 max $128.42.

Apple shares outperformed the SP500 on May 22 ​​(see 3rd chart chart below).

​​​Expect a day trading range between $131.20 - $132.80 with above average volatility.

​​​​​​Support : $131.63 and $131.21 and $130.82 Resistance :​​ $132.83 and $133.25 and $133.60

May 22 Finally Break the Resistance Trendline ?
​​​​​​​​​​​​​​​​We did close on May 14 above $126.51 then triggering the Bullish Phase...​

​​Yesterday I wrote: ​​The next big challenge for the market is the Resistance
​Trendline that ​started on March 19 and is at $131.12 for today...​ Twice we
​failed to break. Same thing on SP500 futures: We failed to break and stay
​above the second resistance ​trendline on ​​May 19 and May 20: today s level is 2129.
​​
​Finally On May 21, Apple Shares closed Above the Resistance Trendline then at $131.12. Becomes Support Trendline today at $131.16. Failing to close above $131.16 today will cancel the Bull Impulse and back into the uptrend channel. SP500 did not close above his Resistance Trendline. Todays level is 2129.5.

My concern for today s is that the Weekly Option Magnet​ least pain for market makers is the $130 handle.

​​​The other technical f​actor that surprise me a lot here is that we have been above 0.75 on the correlation factor​​
between the SP500 Index and Apple Shares since April 30; Simply said, Apple behave like the market...
Almost a record: 16 days. And as mentioned in the Weekly Research, some Volatility Ahead: ​​
​Correlation Risks Back into the Danger Zone ?

​​Even with the iCahn Experiment, the correlation factor with the SP500 did not change much at 0.97,

​​​​​​​​​IF we do close today above $131.95, ​then expect another Bullish Impulse: $132.72 to MAX $133.13
​​​​​​​IF we do close today below $130.31, ​then expect another Bearish Impulse: $129.34 to MAX $128.31

Take Note that ​For the weekly, we are above the Resistance of an uptrend channel that started on the week of November 24 with 130.96 as resistance. See 2nd chart below.

​​Seasonals are Bullish til May 31.


​​
A few technical comments:​​​​

1) On May 21​, Apple Shares closed Above the Resistance Trendline then at $131.12
​2) On May 8, closed ​above the 20 DMA then at $127.58
3) On May 8, closed ​above the 50 DMA then at $126.74
​​4) On May 6, ​closed below a ​​​Major Support Trendline that started back on March 12 then at $125.30
​​​5) On May 5, closed ​below the 20 DMA then at $127.69
6) On May 5, closed ​below the 50 DMA then at $127.10
​7) On May 5, ​the 20 DMA on the Ratio of Apple Shares Price compare to the SP500 closed Below the 50 DMA


​On a ratio basis compare to the SP500​, the 20 DMA ( Day Moving Average ) on May 5 closed below the 50 DMA: Last time was April 16... (3rd chart below - red line - ellipse).

​​​​​​​​​I expect volatility to be above average today.

​​​​​​​​​​​​​​​​​​​​​​Relative Volatility rose to 1.63 ( with weaker prices - a bad mix​ - see 4rth chart below ) ​and ​​​Counter ​​​​​​Trend ​​​is Neutral for Apple Shares ​and ​finally, Correlation ​​​is back within he ​​critical​ ​​​​level with the SP500; (from 0.99 to 0.97). ​​Those risks factors are Bearish compare to the last few sessions.

​​​Now back to technicals:​​

​​​We are within an uptrend channel that started on May 18 with ​$130.31 support and $132.72 as resistance

​​We broke on May 21 an old uptrend channel that started on May 6 with ​$127.43 support and $130.98 as resistance.

​​​​We broke on May 20 an uptrend channel that started on May 12 with ​$130.09 support and $132.56 as resistance.

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the weekly, we are within an uptrend channel that started on the week of November 24 with $124.46 as support and $130.96 as resistance. See 2nd chart below.

​​​Starting to trade below $130.31 will mean to me extreme technical weakness...​​​​​
​​Starting to trade AND stay above $131.92 will mean to me technical strength...​​​​​

Starting to trade and/or a daily close above $131.95 ​will give us another ​bullish ​impulse scenario ​and direct go towards $132.72 ​​max $133.13 for ​​now ​in ​the ​​next few sessions.

​​Need to stay on a daily close ​above $130.31 to iAm in a Bullish Mode...

​A daily close Below $131.95 but above $130.31 will mean for me that we are ​​​into a ​Bull pattern trade scenario for a few sessions.

​A daily close below $130.31 will mean for me ​that we are back into a Bear phase and ​another gap down ​towards ​$129.​34 max $128.31.

Apple shares outperformed the SP500 on May 21 ​​(see 3rd chart chart below).

​​​Expect a day trading range between $130.00 - $131.90 with above average volatility.

​​​​​​Support : $131.16 and $130.31 and $129.34 Resistance :​​ $131.95 and $132.72 and $133.13
May 21 Failed to Break Again the Resistance Trendline ?
​We did close on May 14 above $126.51 then triggering the Bullish Phase...​

​​The next big challenge for the market is the Resistance Trendline that
​started on March 19 and is at $131.12 for today...​ Twice we failed to break.

Same thing on SP500 futures: We failed to break and stay above the second resistance ​trendline on ​​May 19 and May 20: today s level is 2129.
​​

​​​The other technical factor that surprise me a lot here is that we have been above 0.75 on the correlation factor​​
between the SP500 Index and Apple Shares since April 30; Simply said, Apple behave like the market...
And as mentioned in the Weekly Research, some Volatility Ahead: ​​
​Correlation Risks Back into the Danger Zone ?

​​Even with the iCahn Experiment, the correlation factor with the SP500 did not change much at 0.99...


​​​​​​​​IF we do close today above $131.12, ​then expect another Bullish Impulse: $131.59 to MAX $133.13
​​​​​​​IF we do close today below $129.34, ​then expect another Bearish Impulse: $128.23 MAX $127.43

Take Note that ​For the weekly, we are near the Resistance of an uptrend channel that started on the week of November 24 with 130.96 as resistance. See 2nd chart below.

​​Seasonals are Bearish til May 20.


​​
A few technical comments:​​​​

​1) On May 8, closed ​above the 20 DMA then at $127.58
2) On May 8, closed ​above the 50 DMA then at $126.74
​​3) On May 6, ​closed below a ​​​Major Support Trendline that started back on March 12 then at $125.30
​​​4) On May 5, closed ​below the 20 DMA then at $127.69
5) On May 5, closed ​below the 50 DMA then at $127.10
​6) On May 5, ​the 20 DMA on the Ratio of Apple Shares Price compare to the SP500 closed Below the 50 DMA
​7) On May 1, closed ​above the 20 DMA then at $127.44
8) On May 1, closed ​above the 50 DMA then at $127.11
9) on May 1, broke the resistance trendline then at $127.92​

​On a ratio basis compare to the SP500​, the 20 DMA ( Day Moving Average ) on May 5 closed below the 50 DMA: Last time was April 16... (3rd chart below - red line - ellipse).

​​​​​​​​​I expect volatility to be average today.

​​​​​​​​​​​​​​​​​​​​​​Relative Volatility fell to 1.59 ( with weaker prices - a bad mix​ - see 4rth chart below ) ​and ​​​Counter ​​​​​​Trend ​​​is Neutral for Apple Shares ​and ​finally, Correlation ​​​is back within he ​​critical​ ​​​​level with the SP500; (from 0.98 to 0.99). ​​Those risks factors are Bearish compare to the last few sessions.

​​​Now back to technicals:​​

​​We broke on May 20 an uptrend channel that started on May 12 with ​$130.09 support and $132.56 as resistance.

​​​We also have an old uptrend channel that started on May 6 with ​$127.43 support and $130.98 as resistance.
​​
​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the weekly, we are within an uptrend channel that started on the week of November 24 with $124.46 as support and $130.96 as resistance. See 2nd chart below.


​​​Starting to trade below $129.34 will mean to me extreme technical weakness...​​​​​
​​Starting to trade AND stay above $131.12 will mean to me technical strength...​​​​​

Starting to trade and/or a daily close above $131.12 ​will give us another ​bullish ​impulse scenario ​and direct go towards $131.59 ​​max $133.13 for ​​now ​in ​the ​​next few sessions.

​​Need to stay on a daily close ​above $129.34 to iAm in a Bullish Mode...

​A daily close Below $131.12 but above $129.34 will mean for me that we are ​​​into a ​Bull pattern trade scenario for a few sessions.

​A daily close below $129.34 will mean for me ​that we are back into a Bear phase and ​another gap down ​towards ​$128.​23 max $127.43.

Apple shares outperformed the SP500 on May 20 ​​(see 3rd chart chart below).

​​​Expect a day trading range between $129.30 - $131.10 with above average volatility.

​​​​​​Support : $129.34 and $128.23 and $127.43 Resistance :​​ $131.12 and $131.59 and $133.13
May 20 Resistance Trendline ?
​​​​​​​​​​​​​​We did close on May 14 above $126.51 then triggering the Bullish Phase...​

​​The next big challenge for the market is the Resistance Trendline that
​started on March 19 and is at $131.09 for today...​

We had yesterday on SP500 futures a very bad candle - a shooting star. I expect volatility picking up soon in the financial markets as the US Dollar started to shift upward...​​
​​
​​​The other technical factor that surprise me a lot here is that we have been above 0.75 on the correlation factor​​
between the SP500 Index and Apple Shares since April 30; Simply said, Apple behave like the market...
And as mentioned in the Weekly Research, some Volatility Ahead: ​​
​Correlation Risks Back into the Danger Zone ?

​​Even with the iCahn Experiment, the correlation factor with the SP500 did not change much at 0.99...


​​​​​​​​IF we do close today above $131.09, ​then expect another Bullish Impulse: $131.59 to MAX $132.56
​​​​​​​IF we do close today below $129.23, ​then expect another Bearish Impulse: $128.15 MAX $126.70

Take Note that ​For the weekly, we are near the Resistance of an uptrend channel that started on the week of November 24 with 130.96 as resistance. See 2nd chart below.

​​Seasonals are Bearish til May 20.


​​
A few technical comments:​​​​

​1) On May 8, closed ​above the 20 DMA then at $127.58
2) On May 8, closed ​above the 50 DMA then at $126.74
​​3) On May 6, ​closed below a ​​​Major Support Trendline that started back on March 12 then at $125.30
​​​4) On May 5, closed ​below the 20 DMA then at $127.69
5) On May 5, closed ​below the 50 DMA then at $127.10
​6) On May 5, ​the 20 DMA on the Ratio of Apple Shares Price compare to the SP500 closed Below the 50 DMA
​7) On May 1, closed ​above the 20 DMA then at $127.44
8) On May 1, closed ​above the 50 DMA then at $127.11
9) on May 1, broke the resistance trendline then at $127.92​

​On a ratio basis compare to the SP500​, the 20 DMA ( Day Moving Average ) on May 5 closed below the 50 DMA: Last time was April 16... (3rd chart below - red line - ellipse).

​​​​​​​​​I expect volatility to be average today.

​​​​​​​​​​​​​​​​​​​​​​Relative Volatility fell to 1.63 ( with weaker prices - a bad mix​ - see 4rth chart below ) ​and ​​​Counter ​​​​​​Trend ​​​is Neutral for Apple Shares ​and ​finally, Correlation ​​​is back within he ​​critical​ ​​​​level with the SP500; (from 0.98 to 0.99). ​​Those risks factors are Bearish compare to the last few sessions.

​​​Now back to technicals:​​

​​We are within a new uptrend channel that started on May 12 with ​$130.09 support and $132.56 as resistance.

​​​We also have an old uptrend channel that started on May 6 with ​$127.12 support and $130.63 as resistance.
​​
​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the weekly, we are within an uptrend channel that started on the week of November 24 with $124.46 as support and $130.96 as resistance. See 2nd chart below.


​​​Starting to trade below $129.23 will mean to me extreme technical weakness...​​​​​
​​Starting to trade AND stay above $131.09 will mean to me technical strength...​​​​​

Starting to trade and/or a daily close above $131.09 ​will give us another ​bullish ​impulse scenario ​and direct go towards $131.59 ​​max $132.56 for ​​now ​in ​the ​​next few sessions.

​​Need to stay on a daily close ​above $129.23 to iAm in a Bullish Mode...

​A daily close Below $131.03 but above $129.23 will mean for me that we are ​​​into a ​Bull pattern trade scenario for a few sessions.

​A daily close below $129.23 will mean for me ​that we are back into a Bear phase and ​another gap down ​towards ​$128.​15 max $126.70.

Apple shares underperformed the SP500 on May 19 ​​(see 3rd chart chart below).

​​​Expect a day trading range between $129.30 - $131.10 with above average volatility.

​​​​​​Support : $129.64 and $129.23 and $128.15 Resistance :​​ $130.63 and $131.09 and $131.59
May 19 iCahn Experiment ?
​​​We did close on May 14 above $126.51 then triggering the Bullish Phase...​

​​Yesterday I wrote: ​​​​​​​​ ​​We are getting into A Resistance Zone: taking the peak
​prices of March 3, 4, 6,9, 18 and 19 all between $129.16 to $129.57.
​High price on May 15 was $129.49....

Well, with the iCahn Apple Experiment, that resistance zone was broken a lot easier than I thought​​.
​​Icahn thinks everyone else is too stupid to understand what ​Apple is really worth.

The most interesting pasrt is when he published his Tweet arountd 11.00 am, market was in correction mode in Apple Shares: Timing is everything they say!

​​​The other technical factor that surprise me a lot here is that we have been above 0.75 on the correlation factor​​
between the SP500 Index and Apple Shares since April 30; Simply said, Apple behave like the market...
And as mentioned in the Weekly Research, some Volatility Ahead: ​​
​Correlation Risks Back into the Danger Zone ?

​​Even with the iCahn Experiment, the correlation factor with the SP500 did not change much at 0.98...

​​​​​​​​IF we do close today above $131.03, ​ then expect another Bullish Impulse: $131.59 to MAX $132.12
​​​​​​​IF we do close today below $129.23, ​then expect another Bearish Impulse: $128.12 MAX $126.64

Take Note that ​For the weekly, we are near the Resistance of an uptrend channel that started on the week of November 24 with 130.96 as resistance. See 2nd chart below.

​​Seasonals are Bearish til May 20.


​​
A few technical comments:​​​​

​1) On May 8, closed ​above the 20 DMA then at $127.58
2) On May 8, closed ​above the 50 DMA then at $126.74
​​3) On May 6, ​closed below a ​​​Major Support Trendline that started back on March 12 then at $125.30
​​​4) On May 5, closed ​below the 20 DMA then at $127.69
5) On May 5, closed ​below the 50 DMA then at $127.10
​6) On May 5, ​the 20 DMA on the Ratio of Apple Shares Price compare to the SP500 closed Below the 50 DMA
​7) On May 1, closed ​above the 20 DMA then at $127.44
8) On May 1, closed ​above the 50 DMA then at $127.11
9) on May 1, broke the resistance trendline then at $127.92​

​On a ratio basis compare to the SP500​, the 20 DMA ( Day Moving Average ) on May 5 closed below the 50 DMA: Last time was April 16... (3rd chart below - red line - ellipse).

​​​​​​​​​I expect volatility to be average today.

​​​​​​​​​​​​​​​​​​​​​​Relative Volatility fell to 1.62 ( with stronger prices - a good mix​ - see 4rth chart below ) ​and ​​​Counter ​​​​​​Trend ​​​is Neutral for Apple Shares ​and ​finally, Correlation ​​​is back within he ​​critical​ ​​​​level with the SP500; (from 0.97 to 0.98). ​​Those risks factors are Neutral compare to the last few sessions.

​​​Now back to technicals:​​

​​We are within a new uptrend channel that started on May 12 with ​$130.01 support and $132.12 as resistance.

​​​We also have an old uptrend channel that started on May 6 with ​$126.67 support and $130.21 as resistance.
​​
​​We broke on May 14 a downtrend channel that started on May 8 with $124.70 as support and $127.40 as resistance.

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the weekly, we are within an uptrend channel that started on the week of November 24 with $124.46 as support and $130.96 as resistance. See 2nd chart below.


​​​Starting to trade below $129.23 will mean to me extreme technical weakness...​​​​​
​​Starting to trade AND stay above $131.03 will mean to me technical strength...​​​​​

Starting to trade and/or a daily close above $131.03 ​will give us another ​bullish ​impulse scenario ​and direct go towards $131.59 ​​max $132.12 for ​​now ​in ​the ​​next few sessions.

​​Need to stay on a daily close ​above $129.23 to iAm in a Bullish Mode...

​A daily close Below $131.03 but above $129.23 will mean for me that we are ​​​into a ​Bull pattern trade scenario for a few sessions.

​A daily close below $129.23 will mean for me ​that we are back into a Bear phase and ​another gap down ​towards ​$128.​12 max $126.64.

Apple shares outperformed the SP500 on May 18 ​​(see 3rd chart chart below).

​​​Expect a day trading range between $130.00 - $131.20 with above average volatility.

​​​​​​Support : $130.01 and $129.23 and $128.12 Resistance :​​ $131.03 and $131.59 and $132.12

May 18 Resistance Zone Ahead ?
​​​We did close on May 14 $126.51 then triggering the Bullish Phase...​

​​Last Friday I wrote: ​​​​​​​​ ​​Finally we did have the most expected Break Out on the
​SP500 futures. To be a Real one for me, we should not trade back below
​( Daily close I mean ) for the next few trading sessions; today s level is 2110.
​The equivalent level for Apple Shares is $127.40 for me...

​​Usually, when we have Break Out with New Highs, it gain strenght and
​momentum​; in our case, it is a weak one on Low Volumeon SP500 futures and Apple Shares: Market Fatigue....

​We are getting into A Resistance Zone: taking the peak prices of March 3, 4, 6,9, 18 and 19 all between $129.16 to $129.57. High price on May 15 was $129.49....

​The other technical factor that surprise me a lot here is that we have been above 0.75 on the correlation factor​​
between the SP500 Index and Apple Shares since April 30; Simply said, Apple behave like the market...
And as mentioned in the Weekly Research, some Volatility Ahead: ​​
​Correlation Risks Back into the Danger Zone ?

​​​​​​​​IF we do close today above $130.42, ​ then expect another Bullish Impulse: $131.15 to MAX $131.59
​​​​​​​IF we do close today below $128.12, ​then expect another Bearish Impulse: $126.56 MAX $125.87

​​Seasonals are Bearish til May 20.


​​
A few technical comments:​​​​

​1) On May 8, closed ​above the 20 DMA then at $127.58
2) On May 8, closed ​above the 50 DMA then at $126.74
​​3) On May 6, ​closed below a ​​​Major Support Trendline that started back on March 12 then at $125.30
​​​4) On May 5, closed ​below the 20 DMA then at $127.69
5) On May 5, closed ​below the 50 DMA then at $127.10
​6) On May 5, ​the 20 DMA on the Ratio of Apple Shares Price compare to the SP500 closed Below the 50 DMA
​7) On May 1, closed ​above the 20 DMA then at $127.44
8) On May 1, closed ​above the 50 DMA then at $127.11
9) on May 1, broke the resistance trendline then at $127.92​

​On a ratio basis compare to the SP500​, the 20 DMA ( Day Moving Average ) on May 5 closed below the 50 DMA: Last time was April 16... (3rd chart below - red line - ellipse).

​​​​​​​​​I expect volatility to be average today.

​​​​​​​​​​​​​​​​​​​​​​Relative Volatility fell to 1.87 ( with weaker prices - a good mix​ - see 4rth chart below ) ​and ​​​Counter ​​​​​​Trend ​​​is Neutral for Apple Shares ​and ​finally, Correlation ​​​is back within he ​​critical​ ​​​​level with the SP500; (from 0.94 to 0.97). ​​Those risks factors are Neutral compare to the last few sessions.

​​​Now back to technicals:​​

​​We are within a new uptrend channel that started on May 12 with ​$128.97 support and $131.15 as resistance.

​​​We also have an old uptrend channel that started on May 6 with ​$126.32 support and $129.88 as resistance.
​​

​​We broke on May 14 a downtrend channel that started on May 8 with $124.70 as support and $127.40 as resistance.


​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the weekly, we are within an uptrend channel that started on the week of November 24 with $124.46 as support and $130.96 as resistance. See 2nd chart below.


​​​Starting to trade below $128.12 will mean to me extreme technical weakness...​​​​​
​​Starting to trade AND stay above $130.42 will mean to me technical strength...​​​​​

Starting to trade and/or a daily close above $130.42 ​will give us another ​bullish ​impulse scenario ​and direct go towards $131.15 ​​max $131.59 for ​​now ​in ​the ​​next few sessions.

​​Need to stay on a daily close ​above $128.12 to iAm in a Bullish Mode...

​A daily close Below $130.42 but above $128.12 will mean for me that we are ​​​into a ​Bull pattern trade scenario for a few sessions.

​A daily close below $128.12 will mean for me ​that we are back into a Bear phase and ​another gap down ​towards ​$126.​56 max $125.87.

Apple shares underformed the SP500 on May 15 ​​(see 3rd chart chart below).

​​​Expect a day trading range between $128.10 - $129.50 with above average volatility.

​​​​​​Support : $128.12 and $127.86 and $126.56 Resistance :​​ $129.54 and $129.88 and $130.42
May 15 Puzzled ?
​​​​​​​​​​​​​​We did close on May 14 $126.51 then triggering the Bullish Phase...​

I was puzzled yesterday with that strong up move without any price correction.

​​Yesterday I wrote: ​​​​​​​​That market continue to surprise me on the SP500 futures
​with huge move up or down with a low volume environment ​in a Trendless way. That Trenless market will continue to give many false signal as long as we do not have a Real Break Out.​​

​​Finally we did have the most expected Break Out on the SP500 futures. To be a Real one for me, we should not trade back below ( Daily close I mean ) for the next few trading sessions; today s level is 2111. The equivalent level for Apple Shares is $127.40 for me...

Options Weekly magnet favors a close below the 130 handle for sure as a huge chunk of calls at that level;
​the least pain for market makers are near the 125 handle.​

​The other technical factor that surprise me a lot here is that we have been above 0.75 on the correlation factor​​
between the SP500 Index and Apple Shares since April 30; Simply said, Apple behave like the market...

​​​​​​​​IF we do close today above $130.08, ​ then expect another Bullish Impulse: $131.15 to MAX $131.59
​​​​​​​IF we do close today below $127.66, ​then expect another Bearish Impulse: $126.52 MAX $125.87

​​Seasonals are Bearish til May 20.


​​
A few technical comments:​​​​

​1) On May 8, closed ​above the 20 DMA then at $127.58
2) On May 8, closed ​above the 50 DMA then at $126.74
​​3) On May 6, ​closed below a ​​​Major Support Trendline that started back on March 12 then at $125.30
​​​4) On May 5, closed ​below the 20 DMA then at $127.69
5) On May 5, closed ​below the 50 DMA then at $127.10
​6) On May 5, ​the 20 DMA on the Ratio of Apple Shares Price compare to the SP500 closed Below the 50 DMA
​7) On May 1, closed ​above the 20 DMA then at $127.44
8) On May 1, closed ​above the 50 DMA then at $127.11
9) on May 1, broke the resistance trendline then at $127.92​

​On a ratio basis compare to the SP500​, the 20 DMA ( Day Moving Average ) on May 5 closed below the 50 DMA: Last time was April 16... (3rd chart below - red line - ellipse).

​​​​​​​​​I expect volatility to be average today.

​​​​​​​​​​​​​​​​​​​​​​Relative Volatility rose to 1.88 ( with stronger prices - a good mix​ - see 4rth chart below ) ​and ​​​Counter ​​​​​​Trend ​​​is Neutral for Apple Shares ​and ​finally, Correlation ​​​is back within he ​​critical​ ​​​​level with the SP500; (from 0.95 to 0.94). ​​Those risks factors are Neutral compare to the last few sessions.

​​​Now back to technicals:​​

​​We are within a new uptrend channel that started on May 12 with ​$128.12 support and $130.08 as resistance.

​​We broke on May 14 a downtrend channel that started on May 8 with $124.70 as support and $127.40 as resistance.

​​We broke on May 11 an uptrend channel that started on May 6 with ​$126.02 support and $129.49 as resistance.

​​​We broke on May 8 a downtrend channel that started on April 28 with ​$118.58 support and $126.59 as resistance.

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the weekly, we are witihn an uptrend channel that started on the week of March 9 with $125.24 as support and $133.94 as resistance. See 2nd chart below.


​​​Starting to trade below $127.66 will mean to me extreme technical weakness...​​​​​
​​Starting to trade AND stay above $130.08 will mean to me technical strength...​​​​​

Starting to trade and/or a daily close above $130.08 ​will give us another ​bullish ​impulse scenario ​and direct go towards $131.15 ​​max $131.59 for ​​now ​in ​the ​​next few sessions.

​​Need to stay on a daily close ​above $127.66 to iAm in a Bullish Mode...

​A daily close Below $130.08 but above $127.66 will mean for me that we are ​​​into a ​Bull pattern trade scenario for a few sessions.

​A daily close below $127.66 will mean for me ​that we are back into a Bear phase and ​another gap down ​towards ​$126.​52 max $125.87.

Apple shares outperformed the SP500 on May 14 ​​(see 3rd chart chart below).

​​​Expect a day trading range between $127.70 - $130.00 with above average volatility.

​​​​​​Support : $128.12 and $127.66 and $126.52 Resistance :​​ $129.25 and $130.08 and $131.15

May 14 Still Watch the 50 DMA ?
​​​We did close on May 11 below $126.69 then triggering the Bearish Phase...​

Not much have changed for me since yesterday.

​​Yesterday I wrote: ​​​​​​​​That market continue to surprise me on the SP500 futures
​with huge move up or down with a low volume environment ​in a Trendless way. That Trenless market will continue to give many false signal as long as we do not have a Real Break Out.​​

The other technical factor that surprise me a lot here is that we have been above 0.75 on the correlation factor​​
between the SP500 Index and Apple Shares since April 30; Simply said, Apple behave like the market...

In my Weekly Research Yesterday I warned about Real Challenge for this week especially:
​​​APPLE Technicals Behavior - Pot Pourri : Critical Week Ahead ?

I am Still focusing on the 50 DMA ( Day Moving Average ) for Apple Shares for now at $126.51.
It is the 3rd day with a daily close below the 50 DMA.​
​​​​
We started a brand new downtrend channel with $124.70 as support and $127.40 as resistance.

​​​​​​​​IF we do close today above $126.51, ​ then expect another Bullish Impulse: $127.40​ to MAX $128.12
​​​​​​​IF we do close today below $124.70, ​then expect another Bearish Impulse: $124.02 MAX $123.10

​​Seasonals are Bearish til May 20.

A few technical comments:​​​​

​1) On May 8, closed ​above the 20 DMA then at $127.58
2) On May 8, closed ​above the 50 DMA then at $126.74
​​3) On May 6, ​closed below a ​​​Major Support Trendline that started back on March 12 then at $125.30
​​​4) On May 5, closed ​below the 20 DMA then at $127.69
5) On May 5, closed ​below the 50 DMA then at $127.10
​6) On May 5, ​the 20 DMA on the Ratio of Apple Shares Price compare to the SP500 closed Below the 50 DMA
​7) On May 1, closed ​above the 20 DMA then at $127.44
8) On May 1, closed ​above the 50 DMA then at $127.11
9) on May 1, broke the resistance trendline then at $127.92​

​On a ratio basis compare to the SP500​, the 20 DMA ( Day Moving Average ) on May 5 closed below the 50 DMA: Last time was April 16... (3rd chart below - red line - ellipse).

​​​​​​​​​I expect volatility to be average today.

​​​​​​​​​​​​​​​​​​​​​​Relative Volatility fell to 1.80 ( with weaker prices - a bad mix​ - see 4rth chart below ) ​and ​​​Counter ​​​​​​Trend ​​​is Neutral for Apple Shares ​and ​finally, Correlation ​​​is back within he ​​critical​ ​​​​level with the SP500; (from 0.91 to 0.95). ​​Those risks factors are Neutral compare to the last few sessions.

​​​Now back to technicals:​​

We are within a new downtrend channel that started on May 8 with $124.70 as support and $127.40 as resistance.

​​We broke on May 11 an uptrend channel that started on May 6 with ​$126.02 support and $129.49 as resistance.

​​​We broke on May 8 a downtrend channel that started on April 28 with ​$118.58 support and $126.59 as resistance.

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the weekly, we are witihn an uptrend channel that started on the week of March 9 with $125.24 as support and $133.94 as resistance. See 2nd chart below.


​​​Starting to trade below $124.70 will mean to me extreme technical weakness...​​​​​
​​Starting to trade AND stay above $126.51 will mean to me technical strength...​​​​​

Starting to trade and/or a daily close above $126.51 ​will give us another ​bullish ​impulse scenario ​and direct go towards $127.40 ​​max $128.12 for ​​now ​in ​the ​​next few sessions.

​​Need to stay on a daily close ​below $126.51 to iAm in a Bearish Mode...

​A daily close Below $126.51 but above $124.70 will mean for me that we are ​​​into a ​Bear pattern trade scenario for a few sessions.

​A daily close below $124.70 will mean for me ​that we are back into a Bear phase and ​another gap down ​towards ​$124.​02 max $123.10.

Apple shares outperformed the SP500 on May 13 ​​(see 3rd chart chart below).

​​​Expect a day trading range between $125.30 - $127.40 with above average volatility.

​​​​​​Support : $125.63 and $124.70 and $124​.02 Resistance :​​ $126.51 and $1267.40 and $128.12

May 13
​​
​​​NEW LINKS starting MAY 14 - check your e mails

​​​​​​​​​​​​​We did close on May 11 below $126.69 then triggering the Bearish Phase...​

Yesterday I wrote: ​​​​​​​​Also, we are near a Major Support Trendline that started
​back on March 12 at $125.68. And ​For the weekly, we are within an uptrend
​channel that started on the week of March 9 with $125.24 as support.
And the ​Daily uptrend channel that started on May 6 with ​$126.02 as support...

In my Weekly Research Yesterday I warned about Real Challenge for this week especially:
​​​APPLE Technicals Behavior - Pot Pourri : Critical Week Ahead ?

That market continue to surprise me on the SP500 futures with huge move up or down with a low volume environment ​in a Trendless way. That Trenless market will continue to give many false signal as long as we
do not have a Real Break Out.​​

The other technical factor that surprise me a lot here is that we have been above 0.75 on the correlation factor​​
between the SP500 Index and Apple Shares since April 30; Simply said, Apple behave like the market...

I am Still focusing on the 50 DMA ( Day Moving Average ) for Apple Shares for now at $126.58.
​​​​
We started a brand new downtrend channel with $124.77 as support and $127.43 as resistance.

​​​​​​​​IF we do close today above $126.58, ​ then expect another Bullish Impulse: $127.43​ to MAX $128.12
​​​​​​​IF we do close today below $124.77, ​then expect another Bearish Impulse: $124.02 MAX $123.10

​​Seasonals are Bearish til May 20.

A few technical comments:​​​​

​1) On May 8, closed ​above the 20 DMA then at $127.58
2) On May 8, closed ​above the 50 DMA then at $126.74
​​3) On May 6, ​closed below a ​​​Major Support Trendline that started back on March 12 then at $125.30
​​​4) On May 5, closed ​below the 20 DMA then at $127.69
5) On May 5, closed ​below the 50 DMA then at $127.10
​6) On May 5, ​the 20 DMA on the Ratio of Apple Shares Price compare to the SP500 closed Below the 50 DMA
​7) On May 1, closed ​above the 20 DMA then at $127.44
8) On May 1, closed ​above the 50 DMA then at $127.11
9) on May 1, broke the resistance trendline then at $127.92​

​On a ratio basis compare to the SP500​, the 20 DMA ( Day Moving Average ) on May 5 closed below the 50 DMA: Last time was April 16... (3rd chart below - red line - ellipse).

​​​​​​​​​I expect volatility to be average today.

​​​​​​​​​​​​​​​​​​​​​​Relative Volatility fell to 1.82 ( with weaker prices - a bad mix​ - see 4rth chart below ) ​and ​​​Counter ​​​​​​Trend ​​​is Neutral for Apple Shares ​and ​finally, Correlation ​​​is back within he ​​critical​ ​​​​level with the SP500; (from 0.87 to 0.91). ​​Those risks factors are Neutral compare to the last few sessions.

​​​Now back to technicals:​​

We are within a new downtrend channel that started on May 8 with $124.77 as support and $127.43 as resistance.

​​We broke on May 11 an uptrend channel that started on May 6 with ​$126.02 support and $129.49 as resistance.

​​​We closed on May 7 near a Major Resistance Trendline that started back on March 12 then at $125.39.
​I​t becomes Major Support at $125.68 for today.

We broke on May 8 a downtrend channel that started on April 28 with ​$118.58 support and $126.59 as resistance.

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the weekly, we are witihn an uptrend channel that started on the week of March 9 with $125.24 as support and $133.94 as resistance. See 2nd chart below.

​​​Starting to trade below $124.77 will mean to me extreme technical weakness...​​​​​
​​Starting to trade AND stay above $126.58 will mean to me technical strength...​​​​​

Starting to trade and/or a daily close above $126.58 ​will give us another ​bullish ​impulse scenario ​and direct go towards $127.43 ​​max $128.12 for ​​now ​in ​the ​​next few sessions.

​​Need to stay on a daily close ​below $126.58 to iAm in a Bearish Mode...

​A daily close Below $125.58 but above $124.77 will mean for me that we are ​​​into a ​Bear pattern trade scenario for a few sessions.

​A daily close below $124.77 will mean for me ​that we are back into a Bear phase and ​another gap down ​towards ​$124.​02 max $123.10.

Apple shares underperformed the SP500 on May 12 ​​(see 3rd chart chart below).

​​​Expect a day trading range between $124.80 - $126.60 with above average volatility.

​​​​​​Support : $124.77 and $124.02 and $123​.36 Resistance :​​ $126.58 and $126.88 and $127.43