Nearing a $1 trillion in market cap, AAPL hit some major turbulence overnight. Amid reports that the company has trimmed its orders, the stock gapped lower and is clinging to support.The larger chart shows that the stock has also reached the top of a long-term channel and a major Fib extension level at 190.43. It pushed through the Fib on Jun 4 (the day Warren Buffett very publicly pounded the table on the stock), and is doing its best to hold on.Needless to say, this hasn’t helped the broader markets. ES was off as much as 20 points overnight, but has since climbed back to an 8-pt loss. Is it time for another pause, or will AAPL bounce back and save the day?
The market’s bigger headwind remains oil and gas prices — which should be ready for another big leg down. But, if the last few sessions are any indication, VIX stands ready to reassure the algos. It has a nice, new shiny paper-tiger trend line to break below.
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