The Long Investor

$AAPL TOP 20

Added 2023-04-08 18:36:54 +0000 UTC

On Tuesday it started to show signs of running out of momentum and it hit the first trend line and rejected, the first trend line is taken from other highs since the end of 2021. This is still early to say that this is going to fully reject and start moving down to the bear case, for now it is a pull back and what we have been waiting for but more momentum is needed to move this down more next.

RSI is showing that it topped out at the same spots it pulled back before and the MACD is showing that it hit the trend line too, from a descending trend line as well.

Still above the 200 Day and the 50 Day MA here and the impulse wave is still alive.

This week marks the beginning of earnings reports again and we are starting with a bang with the financial sector, notably $JPM, $CITI, $Blackrock and $WFC.

A lot of people will be watching these earnings as a measurement of how the economy is doing and where it is going, it will more than likely heavily influence the market.

So What Now?

We want to see a further rejection and momentum in a decline here and this could influence other Tech stocks and the market.