AAPL Technical Analysis
Apple of course, wasn’t trading on one day as it was Labor Day in the United States, but the chart pattern itself looks as if we are pulling back to try to break above the recent swing high. The market is very bullish overall, but I would anticipate in the short term, you will probably see a little bit of consolidation. However, a move above the $235 level could open up a pretty big move based on what looks a lot to me like a bullish flag in Apple.
AMZN Technical Analysis
Amazon did pull back on Friday. We’ll have to wait and see whether or not there are buyers in this area. But I think closer to the 50 day EMA would be an excellent support level that people will be watching very closely. If we break above there, perhaps the $234 level opens up a much bigger move. But right now, we have to wait and see whether or not we can find momentum. Essentially, I’m a buy on the dip type of trader in Amazon, but the dip hasn’t shown signs of a bounce yet. We’ll find out on Tuesday how that plays out. Monday again, of course, we were closed.
GOOG Technical Analysis
Google, of course, has been ripping to the upside over the last several sessions. I do think we’re probably in need of a little bit of a pullback. I would anticipate that the $206 level could offer a bit of support. So, if we could get a drop towards that area, I think you would start to see a lot of people perhaps interested in trying to get involved in Google. And it would put it essentially on a collision course with a trend line. So, you can make that argument. If we break down below the trend line, then it opens up a move down to the $200 level. All things being equal, this is a market that I think continues to go higher, but you do need to see a little bit of value, I suspect. We’ll have to see how this opens on Tuesday, but I would love to see a pullback towards that trend line that I could take advantage of.
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