We saw $AAPL consolidate around the $140 mark with some average volume and then run up this past Thursday to $143. But on Friday, we saw it pull back a bit from the initial run during the early opening hours.
Volume: The run-up on Thursday was not supported by volume. This makes me believe it may be a bull trap and if I had to bet on it I could see $AAPL pull back this coming week. I still largely believe that $AAPL will pull back to the $135 support; the 200 EMA also coming in as support at that level. The SPX had the same run-up with below-average volume.
Overall Sentiment: The markets have been choppy with traders unable to decide whether the Jobs Report was a good sign for the market or not. Obviously, with lower-than-predicted numbers, we would usually see this as a bad sign. But many are watching it to gauge when the Fed will begin its tapering.
Let me know what you think.
Volume: The run-up on Thursday was not supported by volume. This makes me believe it may be a bull trap and if I had to bet on it I could see $AAPL pull back this coming week. I still largely believe that $AAPL will pull back to the $135 support; the 200 EMA also coming in as support at that level. The SPX had the same run-up with below-average volume.
Overall Sentiment: The markets have been choppy with traders unable to decide whether the Jobs Report was a good sign for the market or not. Obviously, with lower-than-predicted numbers, we would usually see this as a bad sign. But many are watching it to gauge when the Fed will begin its tapering.
Let me know what you think.