There’s one sector holding back the market and the strongest of sectors. It all comes down to AAPL and a weak technology sector (QQQ).
The market is showing signs of progress, and charts are rebuilding on the S&P 500 and other strong sectors like energy (XLE), the financials (XLF), and healthcare (SLV). To tie a bullish move together, there needs to be signs of improvement from AAPL and the QQQ. Otherwise, the market will likely trend lower.
While GOOGL and MSFT attempt to pull the tech sector up, it’s not enough to pull the market higher with such an “ugly” AAPL chart. As nasty as AAPL looks, it is very oversold.
For now, we’ll need to anchor to the few things that act as key support, which we’ll cover again in the video above.
Stay Focused!