According to the news, Apple (
AAPL
) shares sold off today as well as other tech stocks and supposedly dragged the S&P 500 down with them. As crazy as that sounds, I have come to accept that the markets are, as always, unpredictable. Banks stocks on the other hand were in the Green. Let's follow AAPL and see if the SPY continues to follow AAPL further down the rabbit hole. I would be interested to see if we pullback to the 21 EMA or if it blows past it. I am leaning long only because I think SPY wants to retest the all time high of 339.08, and more than likely, that will require all of the heavy hitters, APPL included to pull higher to get there.
AAPL
) shares sold off today as well as other tech stocks and supposedly dragged the S&P 500 down with them. As crazy as that sounds, I have come to accept that the markets are, as always, unpredictable. Banks stocks on the other hand were in the Green. Let's follow AAPL and see if the SPY continues to follow AAPL further down the rabbit hole. I would be interested to see if we pullback to the 21 EMA or if it blows past it. I am leaning long only because I think SPY wants to retest the all time high of 339.08, and more than likely, that will require all of the heavy hitters, APPL included to pull higher to get there.