Apple Sitting At A Critical Crossroad For Investors & US Stocks

Apple share price finds itself in a rather interesting position on the weekly chart. If you take a look at the price action from the start of the 2019 you will notice its uptrend, with the price above the 52 weekly moving average, with higher lows formed.
 
However if you step back on longer time frame and view the chart you will notice that since December 2018 when Apple broke below the long term uptrend line, it has failed to move back above this trend on a consistent basis. In addition the price action has been bouncing off a large triangle pattern on the weekly chart for a third time.

If this were to fail and the price action broke to the downside this would be quite bearish for Apple & US stocks as the weighting of Apple would drag down the Nasdaq & S&P500. When observing triangle patterns the price action usually breaks in the direction of the trend, so this means the odds suggests that Apple either this week or in the coming weeks will break the current triangle pattern to the upside.

To confirm this a clear break of $212 resistance would need to occur. If this happens we will likely see a move towards $228 resistance. Based on the likely odds, this would also mean that the SPX index would hold its most recent bounce off the 200 day moving average and confirm a higher low, with a likely move to another higher high and new all time record high in the SPX.
 
Therefore the next few weeks will be critical for Apple investors & US stocks overall and likely dictate the trend going forward in the medium term for stocks.

Join the Investing & Trading Community At Guruhaven 

If you enjoyed this review of Apple, that was originally posted for members at Guruhaven  on Sunday, you can join the community free to receive regular macro news, trading ideas, original trading content, chart reviews from Crush The Market and the Guruhaven community of traders and investors.

Join FREE using referral code: Crush19

Simply visit http://guruhaven.com/membership  

If you would like to take a look at this week newsletter which includes the best posts on Guruhaven covering DXY, DB, NDX, TLT, XAUCNY, GDX $GLD and more, simply by clicking the link  http://bit.ly/GuruHaven_WNL_21

Disclaimer: Please note all information presented here at Crushthemarket.com, Guruhaven weekly newsletter and within the Guruhaven.com website and its community platform are presented for educational purposes only,  and does not represent financial advice in any way. If you require financial advice please seek a licensed advisor who can provide these services.