Apple printed very bullish candle on Friday and opened higher today.
In my past analysis I was expecting either H&S or a channel formation to play out with biases towards H&S. Chances of H&S are becoming smaller, and would be completely invalidated it if price closed above $145 on weekly chart.
Its almost a lock that price will try to test ATH of $145 and should try to break out above. Watching closely for any false breakouts. In my view this determines direction of the overall stock market, meaning if Apple goes down 30% it would pull SPX with it, and if it stays within a channel marching higher then SPX should not have any major corrections.
In my past analysis I was expecting either H&S or a channel formation to play out with biases towards H&S. Chances of H&S are becoming smaller, and would be completely invalidated it if price closed above $145 on weekly chart.
Its almost a lock that price will try to test ATH of $145 and should try to break out above. Watching closely for any false breakouts. In my view this determines direction of the overall stock market, meaning if Apple goes down 30% it would pull SPX with it, and if it stays within a channel marching higher then SPX should not have any major corrections.
