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3 charts we are watching: tired generals

The Market Ear Picture

As Apple goes...goes the market

Apple is under attack. The stock is trading well below the 50 and the 100 day. 174 is the short term must hold level in Apple. The second chart shows that the "gap" between SPX and AAPL now is at YTD wides.

Source: Refinitiv

 

Source: Refinitiv

 

Changing of the guard

The two brightest shining star Generals of 2023, Apple and NVDA , continue to fade. The new General Oil is actually beating both by a mile over the past 3 months.

Source: Refinitiv

 

Soggy SOX

SOX is trading right on the huge positive trend line that has been in place since October lows. Note we actually closed below the 100 day moving average. This "hot" space is practically at make or break levels. Watch this closely. Note the 200 day way lower...

Source: Refinitiv

 

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