- AAPL stock rallies to the close ahead of employment report.
- Yield curve continues to steepen, hurting tech stocks.
- AAPL poised near 50-day moving average.
Apple (AAPL) stock rallied into the close on Thursday as investors took some risk off the table ahead of Friday's employment report. Four consecutuve days of losses eventually came to an end as the afernnoon saw a recovery in risk assets.
Apple stock news
We have two major news events for Apple coming up. The first is Friday's employment report, which will determine the path of rate hikes and yields for the next few months. The second is the launch next week of the iPhone 14. We have commented previously that product launches tend to see Apple perform well leading into them but poorly afterwards. As ever the launch will be a must-watch event, and the pricing of the new model will be the most important metric for investrors rather than any new iPhone features.
Apple stock forecast
The daily chart is still playing out the move lower, having seen a strong summer gain of over 30% from the June lows. Apple did break above the 200-day moving average, but failed to make a new high and failed at the trendline resistance. We then got the break back below the 200-day moving average and now sit at the 50-day. This is a set up for the next move. Resistance from the 200-day is at $161, but $164 is our medium term pivot, the low of last Friday.
Apple daily stock chart
Again here we notice on the 30-minute chart below the correlation with the Nasdaq is nearly 100% as we wait for employment data. A lot of recent volume has taken place around $160, so this is our intraday pivot. Really though the employment report will dictate everything for the remainder of Friday. A high number and equities will suffer as yields rise. In my view the only hope is a weak number, even something in line will not cause yields to drop enough to support an equity rally.
AAPL 30-minute chart
The author is short AAPL.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
Australian Dollar sees gains on hawkish RBA minutes
The AUD/USD climbed by 0.15% to 0.6520 in Tuesday's trading, driven by several factors. The hawkish Reserve Bank of Australia (RBA) Minutes provided support to the Australian Dollar, as did a weaker US Dollar and hopes for Chinese economic stimulus.
EUR/USD: The recovery needs a stronger catalyst
EUR/USD reversed two daily pullbacks in a row and came under some fresh downside pressure following renewed geopolitical jitters on the Russia-Ukraine front, all prior to key data releases on both sides of the ocean due later in the week.
Gold remains propped up by geopolitics
Gold retreats slightly from the daily high it touched near $2,640 but holds comfortably above $2,600. Escalating geopolitical tensions on latest developments surrounding the Russia-Ukraine conflict and the pullback seen in US yields help XAU/USD hold its ground.
Why is Bitcoin performing better than Ethereum? ETH lags as BTC smashes new all-time high records
Bitcoin (BTC) has outperformed Ethereum (ETH) in the past two years, setting new highs while the top altcoin struggles to catch up with speed. Several experts exclusively revealed to FXStreet that Ethereum needs global recognition, a stronger narrative and increased on-chain activity for the tide to shift in its favor.
How could Trump’s Treasury Secretary selection influence Bitcoin?
Bitcoin remained upbeat above $91,000 on Tuesday, with Trump’s cabinet appointments in focus and after MicroStrategy purchases being more tokens.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.