Price Action In Apple (AAPL) Weak

The markets continue to grind higher on this Tuesday, following the holiday three-day weekend. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is trading at $152.95, +0.78 (0.51%). This is a new 52 week high and just 3% off the all time highs. While the markets continue to move higher, Apple Inc. (NASDAQ:AAPL) continues to rot. The stock is trading at $457.35, -2.81 (-0.61%).

The action in Apple compared to the markets shows major relative weakness. Investors should understand that if Apple cannot catch a bid when the markets go up, imagine if the markets were flat or lower. In other words, Apple should be expected to head lower in the coming weeks. Your master downside pivot points are $421.00 and $399.00.

About Gareth Soloway 168 Articles

Affiliation: InTheMoneyStocks.com

Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form InTheMoneyStocks.com. Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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