Expected lower market open set to test ongoing trend following yesterday's bullish close: the mobile and tech colossus gained 1.93% and stayed at $152.34 levels.
United States New Home Sales (Sep) is next today at 14:00 UTC.
On the flip side, data from United States concerning Consumer Confidence was released yesterday at 14:00 UTC. Newly published figures emphasized continued decline from last month's figure of 107.8 to 102.5 this month.
At the same time, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 4.52 million, while the previous figure was -1.27 million. United States 2-Year Note Auction released yesterday at 17:00 UTC with a figure of 4.46, while the previous figure was 4.29.
The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. Apple's upper Bollinger Band® is at $152.12, this is a slight indication of a slowdown. Apple is $1.09 away from testing key resistance at $153.43. Peaking above this level could inspire market bulls and open the path to further gains. In contrast, price action overcame a known Fibonacci resistance level at $152.49 by around 14.68 cents with prices hammering out a $149.36 – $152.49 session range.
Technical analysis of Apple price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
A look at other technology stocks also showed bullish price action as SAP added 5.83% to its value, and traded at $96.32. Coherent, Inc. was up 5.06%. NVIDIA traded at $132.61 after closing yesterday's trading day at $126 (up 5.25%).
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States GDP is projected to outperform its last figure with 2.4. It previously stood at -0.6; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with 1 million. It previously stood at -1.73 million; data will be released today at 14:30 UTC.
Also worthy of note, projections for United States Core Durable Goods Orders are set for a continuation of decline with 0.2% while previous data was 0.3%; data will be released tomorrow at 12:30 UTC.
Apple hit a significant low of $130.06 around 4 months ago, but has since recovered 14.91%.