AAPL, GOOG and AMZN Forecast – Major US Stocks Look Soft in Premarket

AAPL Technical Analysis

Apple looks as if it is going to open lower on Tuesday as we continue to see a bit of negativity. This pullback, I think, probably sees a lot of support at the $240 level, where we had previously seen resistance and of course the 50-day EMA said. So ultimately, I think there is a floor here pretty quickly and I am looking to buy a bounce, but we haven’t seen that bounce yet. Ultimately, I do think that we retest the $260 level, but in the short term, we may have a few questions to ask of Apple.

GOOG Technical Analysis

Google looks like it’s going to open lower as well, perhaps right around the $241 level as the market continues to look bullish, but I also think it has to work off some of the excess froth from the gap higher during the September 3rd trading session. The 50-day EMA is hanging around the uptrend line that is closer to the $230 level, but it’s racing towards the price of the market right now. So, I do think there’s a little bit of a built-in support line underneath that has to be respected. To the upside, the $255 level is an area that we have targeted previously and could be the next target to the upside.

AMZN Technical Analysis

Amazon looks as if it is going to open softer as well, with the $215 level underneath offering support, and the 200 day EMA racing towards that level, obviously attracting a certain amount of attention. We have seen an ugly candlestick from the Friday session, but that’s market wide, I don’t think that’s an Amazon problem per se. And we are getting close to the bottom of the overall consolidation that we have been in for several months now. So, I think any bounce will probably attract a certain amount of attention in this market as value hunters will return to one of their favorite names.

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