A quick look at yesterday: having ended a bullish session yesterday at $145.47, momentum helped Apple finish the day 98 cents or 0.68% higher, although mixed sentiments ensured the sleek smartphone manufacturer etched out a distinct $144.24 to $149.97 session range.
United States Crude Oil Inventories data will be released today at 15:30 UTC, with an expected improvement to -3.60 million (previous figure was -5.19 million).
Meanwhile, United States Consumer Price Index released yesterday at 13:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Core Consumer Prices came out at 0.2%, while a consensus of analysts was expecting 0.3%. United States Consumer Price Index came out at 7.1%, while a consensus of analysts was expecting 7.3%.
A study of Apple's chart reveals various key levels to watch: although Apple is appreciating today after rising as high as $149.97, price action is now slowing and consolidating around $6.82 below the $152.29 resistance level. Trend analysis indicates that despite posting gains on yesterday, Apple slid below its 50 day Simple Moving Average at $145.28 during the last session — an early indicator that a negative trend could be emerging.
Notwithstanding Apple's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
A look at other technology stocks also showed bullish price action as Intuit added 4.29% to its value, and traded at $428.39. Microsoft was up 1.75%. ASML Holding traded at $628.27 after closing yesterday's trading day at $610 (up 3%).
Furthermore, the market is looking at tomorrow at 13:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.1% from the preceding figure of 1.3%. Tomorrow at 13:30 UTC data for United States Core Retail Sales will be released, with an expected decline to 0.2% from the preceding figure of 1.3%.
Elsewhere, United States Philadelphia Fed Manufacturing Index (Dec) is expected tomorrow at 13:30 UTC.
Approximately 11 months ago, the sleek smartphone manufacturer reached a significant high of $182 but has struggled to hold onto its gains and declined 20.61% since then.