Hope all my readers had a great weekend and were able to study some technicals before the week began and if not that’s why I am here.
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SPY
The market has been chugging upwards for about 16 straight weeks now and has done no sort of pullback.
With relevance to the market moving higher and higher above its all-time high Apple has been nowhere to be seen and is making new relative lows. The market has been finding a way to lead without Apple which is kind of the first time it’s been able to do that in years and years. The chip makes and semiconductors have been very strong and any play that revolves heavily around AI and those chips have found themselves very fortunate capital-wise and stock price-wise.
AAPL
Breaking below this 175 will make traders question if there is a chance we won’t see the 200s back on Apple for quite some time.
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