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Market's December Swing Low Could Firm Up, But Oh Apple...

Published 01/03/2019, 12:18 AM
Updated 07/09/2023, 06:31 AM

I was going to say how well markets did to finish near highs after pre-market action had indicated a possible rout, but now we have Apple (NASDAQ:AAPL) after-hours earnings report contributing to a 7%+ loss...

An open at 146s would start the stock at the December swing low but the trend is clearly down and technicals—aside from the MACD trigger 'buy'—are not offering any bullish divergence.

AAPL Daily Chart

What this means for markets today remains to be seen, but if markets can finish above its (likely gap down) open price it would firm up a swing low. The NASDAQ posted a MACD trigger 'buy'.

COMPQ Daily Chart

The S&P has support at 2,346 to lean on; it should be good enough to open above 2,346 but can it finish higher? There was also a MACD trigger 'buy'.

SPX Daily Chart

The Russell 2000 also had its MACD trigger 'buy' but as having sold off harder than other indices it's offering the best discount value. Going out on a limb and suggesting this index might be okay today.

RUT Daily Chart

For today, pre-market will set the tone but if it can generate a day like yesterday then this swing low will have confirmed its resilience.

Again, long-term investors will be given another golden opportunity to add to existing positions.

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