AAPL $180 level is the “Line in the Sand” for investors Array ( [cookie] => 7584e7-ae0e4f-6a2286-e059cf-305f08 [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 1 [max_usage_crypto] => 1 [lock] => 1 [message] => [error] => [active_member] => 1 [subscriber] => 0 [role] => fsi_pro [visitor_id] => 591083 [reason] => [method] => ) 1
Pullback in SPX and $QQQ has not damaged the uptrend heading into the busiest week of earnings for the quarter, and S&P Futures look to be indicated higher following earnings from $AAPL, $META, and $AMZN post close on Thursday. Overall, a push back above late January peaks doesn’t necessarily create a bullish rally to initiate new longs given the recent waning in momentum throughout January and the prospect of a five-wave advance being complete into early February which might show resistance near 4965, or 4995.
On the upside, I suspect that SPX 5000 represents strong near-term resistance while 4800 is an important floor to any early month February weakness. Seasonally speaking, Equities should be entering a choppy period in February, which tends to be seasonally a worse month than Januarys during Election years.
Below is the picture of March E-Mini S&P Futures following post-close earnings on Thursday. S&P has eclipsed prior highs from early this week, which is certainly a positive based on short-term technical structure. The negatives have to do with Elliott-wave patterns potentially nearing completion coinciding with a lower than preferred momentum and breadth readings compared to December 2023.
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