This past Friday, Apple (AAPL) and the Technolgy Sector ETF (XLK) both closed at new record weekly closing highs.
The Apple (AAPL) weekly chart is technically bullish, with a close at a new weekly closing high and multiple bullish rising weekly moving averages.
The rising 4, 10, and 40-week moving averages indicate an uptrend on multiple time frames. (AAPL) has weekly trend support at 187 and 180. The stock has closed higher for 6 consecutive weeks, so any consolidation over the next week or two would not be uncommon. Overall, the weekly trend is set up for higher and we are expecting a breakout to new highs over the next 1-2 weeks. If (AAPL) breaks out to new highs, we would expect (XLK) and Nasdaq 100 ETF (QQQ) to follow higher.
The outliers here would be if there is a higher-than-expected inflation (CPI) reading this week, or if the FOMC were to unexpectedly raise interest rates on Wednesday.
<Larry Tentarelli is the President and Founder of the Blue Chip Daily Trend Report. Blue Chip Daily is a financial markets research firm, focused on price and trend analysis, with an emphasis on risk-management and timing. Twitter, IG, YouTube @bluechipdaily.com)
