Apple Inc. Reportisnt saving the markets on Friday, but its not giving the other half of the one-two punch that might have been knocked out the markets.
Apple''s 2.9 percent post-earning decrease is somewhat disappointing, but if it falls more than 15%, as Amazon (AMZN) - Get Amazon.com, Inc. Reportis doing today, the market might have a difficult time keeping it on track.
This is especially true as the volatility index remains elevated.
Many believed that a post-earnings rally similar to that in Microsoft (MSFT) might help alleviate some of the selling pressure.
Cupertino, for its part, delivered remarkable results, as Chief Executive Tim Cook continues to navigate the supply-chain issues fairly well. Despite the fact that the supply-chain situation in China did not involve management, he said.
The company recorded better-than-expected earnings and revenue results, while its iPhone slowed much faster than expected. However, investors on Friday aren''t fully optimistic. Will they change their tune?
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The following chart, which includes a daily chart with weekly overlays, shows how Apple has responded well to the 50-week moving average.
In mid-March, the company dropped into this measure before going on a massive 11-day rally. This week, the second test showed, but the rebound isn''t nearly as impressive. At least it''s not yet.
Apple shares had risen to the 50-day moving average and were dismissed, without even reaching the 21-day retracement.
A retest of the $155 area will not be answered from here. However, it will be crucial to see if Apple stock can hold this area along with the 50-week moving average going forward.
If it can, we may conduct a retest of the first quarter and 2022 low down near $150. If that fails, then we might see a dip down into the high-$130s, which was prior resistance and, most recently, support in late 2021.
Perhaps this is the type of breakdown that the market needs to achieve to reach a final point. As they say, the strongest always decreases last.
On the upside, $167.50 is the level Apple stock must clear. Above all, it opens the door to $170-plus. Above $175 puts resistance near $180 in play.