During its WWDC event today AAPL made a new all time high only to close on almost double normal volume close to the lows of the day. Today's engulfing candle could be the start of a much needed market break if they are gonna push any higher for the rest of the year. When AAPL was at the highs of the day semis were back at their opening lows. As AAPL was selling off semis were back on the buy menu. As of late there has not been a collective sell on all big cap tech. After Friday's ramp in IWM and RSP, today they took a breather. If the rotation into these two instruments continues then SPY may be able to hang onto most of its gains if big cap tech is rotated thru to work off overbought and oversold conditions. However, if there is uniform selling in Semis and big cap tech, then SPY will likely go down and test its breakout above 4200. AAPL looks ready to take a breather. Let's see if the crack gets bigger.
Commentaire:
Still no coordinated selling of all big tech and semis. Rotating thru keeping indices afloat and VIX subdued. Expecting some volatility and a flush to come soon. Small cap moving up strong today similar to Friday but Dow unable to move this time because AAPL MSFT and others are down.