Premarket: Apple is red

apple premarket red 11-19-21From Investor’s Business Daily’s “Dow Jones Futures: Beware The Megacap Rally” posted early Friday:

Dow Jones futures and S&P 500 futures turned slightly lower Friday morning while Nasdaq futures futures rose. Applied Materials (AMAT) and Palo Alto Networks (PANW) earnings in focus were in focus.

The stock market rally was mixed Thursday, but it was a strong day for tech giants. Nvidia (NVDA) surged on earnings, also lifting up rival Advanced Micro Devices (AMD) and providing a tailwind for chip names. Amazon.com (AMZN) and Google parent Alphabet (GOOGL) flashed buy signals, joining Apple stock, which extended Wednesday’s breakout amid fresh Apple Car buzz.

With Apple, Amazon, Nvidia and other megacaps leading the charge, the Nasdaq 100 hit a record high. It’s looking extended from the 50-day line once again, raising the risk of another pullback. Those tech titans also are masking some weakness beneath the surface.

Charts: Yahoo!Finance sees a bullish bottom triangle pattern. Max pain is stuck at $150 with a cal mountain at $155.

apple premarket red 11-19-21

3 Comments

  1. Gregg Thurman said:
    Down (marginally), but at the beginning of an extended period of new all time highs.

    3
    November 19, 2021
  2. 160 here we come. Apple is a top mention on the Reddit forum WallStreetBets but this current momentum is plainly based on holiday iPhone sales, Apple’s success at rising to the top of microchip design/deployment, ongoing presence in Asian markets, environmental stance and a potential new ride. Oh, a potential medical wearable appliances division and budding entertainment platform aren’t hurting either.
    Apple mentions on WallStreetbets are up to 255% in the past 24 hours. Apple is #2 now.

    2
    November 19, 2021
  3. John Konopka said:
    AAPL spiking on two more stories. CNBC has a piece about AAPL surging towards the end of the year and Bloomberg has another piece about the Apple car.

    AAPL is up over $2 and is just a shade under $160. If it passes $160 who else is underwater?

    1
    November 19, 2021

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