Bullish Idea - Short Term Play

8 ago 2023

• Market is red today
  
• CPI Report coming this Thursday
  
• It is of my opinion price will trade within a range until we have more info on Thursday
  
• I have SPY marked at around 445 for support which prices are almost at
  
• AAPL has been in a downtrend since it's Earnings Report
  
• I believe this is a normal pullback and that it's oversold, at least until we find out more info this Thursday
  
• AAPL indicators suggest the stock is oversold and ready to come back up
  
• Combined with strong Daily support from the 100 SMA at 178'ish
  
• And Bullish reversal Candle patterns on multiple timeframes
  
• The major trend is still Bullish, however the Macro trend is Bearish
  
• It is my belief prices will come back up (short-term) or consolidate
  
• I also believe the overall market for SPY won't fall below 445 unless until after Thursday's report, if Bearish
  
• VWAP suggests buyers are supporting the stock.
  
• If price falls below VWAP, the 8-period moving average on a lower timeframe chart, and the Daily 100 SMA it would be a major cause of concern in which not to enter, or cut the trade.
  
• For these reasons, this is a Bullish bet I'd be willing to take for a move of a couple of points with a price target of 182 - 185
  
• Price needs to break above 179 and for me to take this trade
  
• Remember, this is only an idea that is not guaranteed to play out, and in no way is financial advice
  
• Wishing everyone the best of success in the market!