2023-08-08 • Updated
For the third time in a row, Apple reports a dip in sales as it releases its report for Q2 2023. The announcement led to a 7% drop in stock prices as more investors seemed to lose confidence in the stock’s performance. Despite this development, experts believe that Apple’s free cash flow growth can stabilize the stock prices in the long term. Also worthy of note is that the decline in Apple stock prices resulted in a 2.5% decline in the price action on US500 - thus, the basis for our critical look at the correlation here. Let’s visit the charts, please.
US500 - D1 Timeframe
US500 is at the trendline support and has initiated an initial reaction to the trendline. The bounce off the trendline is an ample indication of a bullish intent in the price action. The moving averages’ bullish array is also a considerable confluence supporting my bullish sentiment.
Analyst’s Expectations:
Direction: Bullish
Target: 4557.11
Invalidation: 4478.74
APPLE, as shown on the chart, has significantly dropped in the last few days. That bearish impulse, however, has hit major support in the form of the trendline support, 100-day moving average, and drop-base-rally demand zone, as highlighted in the attached chart. These confluences solidify my expectation of a bullish reaction from the marked zone, however small or big the said reaction appears to be.
Analyst’s Expectations:
Direction: Bullish
Target: 184.50
Invalidation: 174.94
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