Since the top 7 stocks in the SPX comprise 27.3% of the SPX, I thought of looking at their prospects.
AAPL:
7.12 % of SPX.
Below Ichy cloud (not shown) on daily.
under sharply declining 50 day EMA
already touched a gann confluence on 8/18 and is attempting a rally above the 50% fib on daily. (this is only 23% retracement off the weekly fib)
declining Accum/Distr. trend (under distribution)
RSI(9) daily trying to crawl out of oversold territory.
Broadening wedge , sloped downward, currently nearing top channel.
Big gap down.
My take, I believe more downside after any rally. You have a gap from 187.38 to 190.69 which must fill. If the gap is encroached, it should fill rapidly. However, the patterns and momentum indicators tell me that, for the time being it is not in the works. I would wait for a retrace to 38.2% from the high on the weekly at 161.89 before I take any LONG position.
AAPL:
7.12 % of SPX.
Below Ichy cloud (not shown) on daily.
under sharply declining 50 day EMA
already touched a gann confluence on 8/18 and is attempting a rally above the 50% fib on daily. (this is only 23% retracement off the weekly fib)
declining Accum/Distr. trend (under distribution)
RSI(9) daily trying to crawl out of oversold territory.
Broadening wedge , sloped downward, currently nearing top channel.
Big gap down.
My take, I believe more downside after any rally. You have a gap from 187.38 to 190.69 which must fill. If the gap is encroached, it should fill rapidly. However, the patterns and momentum indicators tell me that, for the time being it is not in the works. I would wait for a retrace to 38.2% from the high on the weekly at 161.89 before I take any LONG position.