On Friday, we saw $AAPL, $AMD, among other tickers like $MSFT, $NVDA, and $TSLA weigh down on the S&P 500. All of these tickers currently weigh on the bearish side and have affected the S&P 500 and NASDAQ.
$AAPL has been retesting the blue S/R level at ~$150 and failing to move above it. Definitely a VERY bearish setup, however, anything can happen and there is potential for it to rip above again via an inverse H&S. Until then, I'm leaning bearish on AAPL and the high probability that the entire market will drag lower too. Keep in mind that we have bearish conviction in the form of OTM flow orders hitting the tape for next month on $SPY.
$AAPL has been retesting the blue S/R level at ~$150 and failing to move above it. Definitely a VERY bearish setup, however, anything can happen and there is potential for it to rip above again via an inverse H&S. Until then, I'm leaning bearish on AAPL and the high probability that the entire market will drag lower too. Keep in mind that we have bearish conviction in the form of OTM flow orders hitting the tape for next month on $SPY.