Why Apple Looks Worse Than Tesla Right Now
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We have mixed/quiet markets as we head into the FOMC this week. The debate is whether we get a 25bp or 50bp cut. The reaction on Wednesday will be key.
Will we get and stay above SPX 5651 for real and see 5750+, or do we get a major Red Dog Reversal sell-the-news move around that level? That’s the question.
Tech showed relative strength last Wednesday for the first time since the July top. QQQ cleared all the moving averages to hit $476+ on Friday to adjust. AAPL is down 2% on slower iPhone orders. See if they isolate this to AAPL, or if it weigh son all of tech today. There is decent support at $467-$469.
Let's get into some individual names:
AAPL is down 2% as headlines say iPhone 16 sales are lighter than expected. I have the 12 and it doesn't seem like there's any reason to upgrade. They need a foldable phone or some exciting new AI features. $217ish is a big spot. Does it make a low in the first 5-15-30 minutes or trend down all day? I'm glad it's lagged to keep us out recently.
TSLA seems like one of the better set-ups this week. I'm long from lower levels. It needs to hold $224. If it can get and stay above $235 with volume, it can be a nice momentum add to fill the gap up to $245.
MSFT got better with tech. It cleared $410 and $416 to open the door for a move back to $431ish. Today there is a Co-Pilot event. Take a little care. $427 is upper support.
DASH is getting more institutional interest and support. Actively, it cleared $126 to see $133+ last week. I'd like to see it hold $129ish to set up for a move toward $143.
ASTS: It's nice when a plan comes together. I sold puts last Monday as a synthetic long, and bought the stock Thursday. Then it crossed $27.05 and $28.40 to see $30.93 to adjust. We'll see if we can add to go red to green today to manage the trade.
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Your Tip for This Week: Treat Trading Like a Business
The average person on the street thinks trading is like hitting the craps table at the Bellagio.
But trading is a business just like any other.
You have to balance your books every month, make it through slowdowns, and most of all, not put yourself at risk of bankruptcy.
Sometimes I talk to people about my career and they think I have gigantic swings every day. NOTHING could be further from the truth.
My trading account is a business I run to pay my bills. It’s not a hobby!
This Week's Calendar
It's all about the Fed this week with the rate decision on Wednesday:
P.S. Don't forget to check out Scott Redler's Power Plays!
Scott's Positions Disclosure as of 2024-09-16 at 8.30.04 AM
