Rare Occurrence Sets Up A Nice Move

Posted by Joe Duffy | Aug 8, 2023 | Joe Duffy's Trading Advantage | 0 |

For the first time in a long time the General (Apple) is in retreat. The attached chart shows the support area mentioned over the weekend. That combined with the daily RSI – 10 reading at 20, leads me to think the market is going to try to find a footing on Tuesday. Not a great time to be too bearish AAPL for the short term based on the above.

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I am short Micron and it was down against a decent tape on Monday and is a couple dollars on side. I think MU still has some more room underneath to fall. My other short in NKE so far isn’t co-operating. I need under 108 in the next two weeks, the stock closed at 110.

Look for choppy Tuesday with attempt to rally. AAPL holding 177 and getting back above 178.50 would be a sign for the market to bounce.

Thanks,

Joe

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