AAPL, AMZN and GOOG Forecast – Major Stocks Look to Open Lower on Tuesday

AAPL Technical Analysis

Apple looks like it’s going to open a bit lower to kick off the Tuesday session as we continue to consolidate overall. Ultimately, this is a market that I think is looking for some type of momentum to continue going higher, but I think this short-term pullback isn’t necessarily something to be concerned about. I think it’s just a continuation of what we saw. $225 should offer support, $235 should offer resistance, and in the meantime, I think we’re just trying to figure out which direction we’re going to go.

AMZN Technical Analysis

Amazon looks like it is going to fall about $5 based on the latest pricing, perhaps on Tuesday, testing the crucial 50 day EMA. The 50 day EMA, of course, is important, and people will be paying close attention to it. But ultimately, I do think that sooner or later, the buyers will return. We have filled a gap lower after the earnings report. So, the question is, do we need to form a bit of a range before going higher? Furthermore, it’s probably worth noting that on the whole most stocks look a little squishy and soft in pre-market trading. So, this just may be a general malaise.

GOOG Technical Analysis

Google looks like it’s going to drop significantly as well, but really at this point in time, I think you’ve got a situation where traders continue to look at this trend line. And I do think that there is significant support below. However, with the jobs report coming out on Friday and a lot of questions about global growth and of course what the Federal Reserve might actually do, despite the fact that it has been priced in that they’re cutting rates, there does come a point where people start to wonder why are things really worse than we believe.

Some of these more sensitive technological stocks will, of course, take a little bit of the brunt, and Google, quite frankly, has rallied for quite some time, so a little bit of a pullback probably wouldn’t be the worst thing here anyway. I’ll be watching the trend line and the $206 level to see whether or not the buyers return.

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