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Good Sunday Afternoon, MPTraders! Last Thursday afternoon, ahead of AAPL's Earnings, this is what we discussed about the stock's probable price path in reaction to the news:Unless AAPL produces something extraordinary, or otherwise announces some unknown bullish catalyst, my pattern work has a very difficult time expecting anything other than a "best-case" sell-the-news scenario in reaction to Earnings. I can make a compelling argument that the upleg from the 6/26/26 low at 273.33 to the 7/29/26 ATH at 344.
In Case You Missed It…As expected, it was not a boring week for equities or volatility. Excluding the broad-based short squeeze seen on Thursday, the equity indexes remain out of sync with each other. I have never seen this condition last this long. It portends more choppy, sideways, price action and the word I have been repeating for months now: indecision. To that end, we are still trading around the Gamma Threshold level and have yet to establish a true long- or short-gamma regime.
Some of you are questioning why the 7580SPX level was so important to my analysis, and why a break of that region – even by a point – was so key in my work.Well, first, one of the structures we were tracking was a i-ii downside set up. However, that set up fully invalidates when the market moves even one penny beyond the start of wave i. You see, that is one of the few rules that are set in stone in Elliott Wave analysis.
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