#AAPL Update Bias and Levels for Monday, July 13, 2015
Last week it was mentioned #AAPL could be a very good tell for the overall US stock
market during
the 2nd half of the year if leading the indexes above/below and out
of the current seven month range. However it is highly unlikely to see a
meaningful breach of the range with earnings approaching especially now that #AAPL is currently bouncing from last
week’s low at 119s.
When #AAPL reached the
120s-118s target zone last week the 60min Sigma & CI indicator did confirm #AAPL
was getting oversold at -3Sigma (bottom of Sigma channel) but #AAPL will now
need to get above first resistance at 125.80-127.55
zone and/or remain above 122.40-121.90
zone in order to avoid a retrace/retest to 120s/119s.
I am still very much in the belief that unless earning are
blowout due to better than expected iWatch sales #AAPL will have a hard time finding new buyers above 135. See July 9th 2015 #AAPL post by clicking on "older post".
If #AAPL is unable to get a new wave of buyers post earnings and if breaching the ranch to the downside the next lower target that will be on the radar is at 115s/114s.
Ethan Premock
Futures & Options Strategist Hamzei Analytics, LLC
