$AAPL TOP 20

A lot of eyes are on $AAPL and $MSFT at the moment as they continue to hold up the market, with a small number of other large/mega stocks. $AAPL broke above the previous high, came back to test and flipped to support and held, finished very strong on Friday to finish just at the highs of the day and break above the ascending wedge. This was a bullish move for $AAPL in the short term.

It is likely going to test the yellow trend line above between $167 - $168, this will be the 4th time at this resistance line, each time it has rejected...will it flip this resistance support line to support? Lets look at the indicators:

RSI: is at 73 now in the overbought territory on the daily, it is about to hit the trend line, each time the share price has hit this high RSI, it has come back down.

MACD: is showing something similar, over extended now and about to hit the trend line, each time it has hit this line, it has come back down.

So What Now?

Are the indications showing that this is to move into the bull case above $168?....and run to $195 before pulling back, it would make the RSI and MACD extremely extended. 

We would like to see this just above 50 RSI before starting an aggressive move like this.

The question is whether there is so much fear out there from storing money in banks, do people believe that buying into $AAPL, in spite of it overbought now, is still a better option than banks. Remember another $160+ billion left banks deposits this week.

And the next question is, why is there so much concern with banks that people are moving so much money into $AAPL, $NVDA and $MSFT....the financial issues appear to be still bubbling below the surface.

For me, $AAPL has had a great run and people really like it and are confident with it but at these prices, it is not a buy for me.