This is an update of last weeks trade posted here:
I see support at $513, $450, $390. Yesterday I took some profits from my trade at $515 level on the expectation of a small bounce today. This also coincided with a bottom of a 15 minute channel (see below).
Importantly, Apple has remained weak despite the market moving higher but recently SPY has been struggling to make new highs. If SPY fails to move higher today breaking through $513 becomes a lot more probable. Today's price action is important.
My gut is bearish and that $450 is a likely outcome - but let the charts do the talking.
I see support at $513, $450, $390. Yesterday I took some profits from my trade at $515 level on the expectation of a small bounce today. This also coincided with a bottom of a 15 minute channel (see below).
Importantly, Apple has remained weak despite the market moving higher but recently SPY has been struggling to make new highs. If SPY fails to move higher today breaking through $513 becomes a lot more probable. Today's price action is important.
My gut is bearish and that $450 is a likely outcome - but let the charts do the talking.