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Mark L. Newton, CMT AC
Head of Technical Strategy
Fri, February 7, 2025 | 3:08PM ET
AAPL1.35% bounce this week proved to be a bit lackluster and now today's decline is taking AAPL down to multi-day lows. This is a temporary negative for AAPL and structurally i suspect that a pullback to test 220-221 might be underway. Any break of 225.70 would make the stock technically appealing as i do not expect a move under 220 right away. Thus, this AAPL weakness is weighing on SPX and QQQ and appears to have another few days of weakness before it's complete.

Mark L. Newton, CMT AC
Head of Technical Strategy
Fri, January 31, 2025 | 3:50PM ET
Movement in AAPL1.35% NVDA2.89% , AMD1.21% are not constructive within Technology and today's reversal likely points to some backing and filling next week in SPX, QQQ as well as the Semiconductor index SOX. Breadth has turned nearly 3/1 negative, but i feel the market is misinterpreting the Tariff message, which itself has been mixed in recent days and not totally clear whether there will be carveouts or exceptions. Dollar also has been whipsawed today and it's right always to wait for the action vs. paying too much attention to the Message beforehand, if history is any guide. My target on NVDA in the short run is 110-112 and that should be an attractive area to consider buying dips. However, the last few days of rally attempt look to be failing and today is well off earlier highs and set to close near the lows of the session. AAPL also failed at resistance and is now down on the day near resistance. Overall, this is short-term consolidation only, not indicative of a breakdown in Technology. However, pullbacks in the Magnificent 7 over the next week make this group attractive, and i do not expect "Mag 7" to turn into the "Lag 7" for very long. NVDA2.89% wave structure shown below. Have a nice weekend

Mark L. Newton, CMT AC
Head of Technical Strategy
Fri, January 31, 2025 | 10:00AM ET
AAPL1.35% reversed last night's post-earnings decline to open up a healthy 4% from yesterday's close, at $247.19, but has since retreated over the last 30 minutes back to $241. This area near its former uptrend remains important for AAPL, and investors can see why this remains a key area for the stock in the short run.

Mark L. Newton, CMT AC
Head of Technical Strategy
Thu, January 30, 2025 | 5:10PM ET
AAPL1.35% revenue came in slightly higher than expected and EPS was 2.40 vs. 2.35 exptd. China Revenue, which was expected to be disappointing, was worse than expected at $18 billion, compared to estimates of $21 billion. Iphone Revenue also lagged at $69 billion vs. $71 billion consensus. AAPL1.35% just post earnings is flat, hovering around the flat line of today's close (Current after-market trading shows AAPL at $237.17, vs. 237.59 1/30 close.) As daily charts show, this area is important for the stock, representing an uptrend line which had proven effective twice since last April's bottom before being broken into January of this year. The last week of rally is now testing this area of uptrend line resistance. I suspect this will continue to be an important area for AAPL, and have no strong conviction given a minor bounce into resistance after the recent breakdown.

Mark L. Newton, CMT AC
Head of Technical Strategy
Thu, January 16, 2025 | 12:30PM ET
AAPL1.35% decline today is a minor negative given its weight within ^SPX-0.01% and QQQ0.55% and as daily charts show, the stock is set to make the lowest daily close since mid-November. Given AAPL's importance within SPX, this stock remains important to concentrate on, and will need to stabilize before being able to suggest that a move back to new highs is imminent. Under 230 might very well lead to 220 in short run, but would be a very attractive risk/reward on any further weakness that undercuts 225 and will be right to watch for signs of bottoming.

Mark L. Newton, CMT AC
Head of Technical Strategy
Wed, December 4, 2024 | 11:28AM ET
Third straight day of muted to negative breadth despite QQQ surging another 1% on big-cap Tech strength while 9 of 11 sectors are down. Notable that the breadth bounce we saw in late Nov is now facing challenges this week, though the AAPL1.35% breakout and NVDA bounce are important and powerful forces within ^SPX-0.01% - While the sliding VIX despite cross-asset volatility could be seen as complacent to some, and they're not wrong... when HIGH PERCENTAGE SPX names like AAPL breakout that represent 7% of SPX and 12% of QQQ, you pay attention

Mark L. Newton, CMT AC
Head of Technical Strategy
Thu, October 31, 2024 | 11:51AM ET
^SPX-0.01% has shown more damage and has undercut last week's lows. However, here also, price has not shown sufficient deterioration yet to think that the index has peaked out. There very well could be a relief rally into US Election given AAPL1.35% AMZN-0.54% META1.31% earnings on deck which provide a bounce, but one that ultimately proves short-lived around mid-November. Ideally from an Elliott-wave perspective, SPX could make a minor new high into November and then began a decline into late November, technically. For now, as this chart shows, there looks to be ample technical support, making this morning's decline a probable good risk/reward for traders to bottom today or tomorrow for a push back higher, which might be led by large-cap Technology

Mark L. Newton, CMT AC
Head of Technical Strategy
Mon, October 7, 2024 | 11:33AM ET
AAPL1.35% pattern very similar to NVDA, but lagging on its breakout- Today's downgrade not having much of an effect and expect this to actually push higher and get above 228 which would be its technical catalyst, which should lead this to quickly challenge its triangle resistance near 233 and then break out back to new highs. Eventual targets lie at 243, then 251. But very constructive pattern here and compelling technical risk/reward.

Mark L. Newton, CMT AC
Head of Technical Strategy
Mon, October 7, 2024 | 11:32AM ET
Fractional decline to kick off the new week in US Equities, but Technology's relative strength is helping this market hold up a bit better than it would without its influence. Financials and Utilities are down 1%, and 10 of 11 sectors are lower, with just Energy up today. TNX is back over 4%, and China's FXI has gapped up again and now trading over $36. This pattern in SPX is not too negative and represents just some minor backing and filling which then should begin to turn higher back to new highs. Key for ^SPX-0.01% will be 5753 while for S&P Futures that level lies at 5808. Both are important technical catalysts, and expect that Tech should lead on this rally over next couple weeks given the strength in key Tech names like NVDA2.89% and AAPL1.35% . S&P should not undercut 5677 in my view, and should be starting to stabilize today after early weakness.

Mark L. Newton, CMT AC
Head of Technical Strategy
Thu, October 3, 2024 | 12:06PM ET
NVDA2.89% pattern is not unlike AAPL1.35% and at a combined 10% of SPX, is at least part of the reason for a bit of slowdown in the Tech trade lately. (Both AAPL and NVDA have traded in range-bound symmetrical triangles since July) As seen, this triangle pattern requires a move over 126.50 for a breakout (and this is the likely outcome) and today's rally to multi-day highs has provided a bit of a short-term spark for Technology (While Equal-weighted Tech is just fractionally positive, XLK is up +0.55%, due largely to NVDA, PLTR1.54% , AMD1.21% , CRWD0.12% , and MU4.04% outperformance, all of which are higher by more than 2%. NVDA looks appealing here ahead of its breakout, and movement above 126.50 should result in acceleration that leads this back to new highs, technically.
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Last updated: 2025-02-17 14:50:02