Market's December Swing Low Could Firm Up, But Oh Apple...
Declan Fallon | Jan 03, 2019 12:18AM ET
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.
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'.
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'.
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.
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.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.