Yesterday at a glance: after closing at $134.76 on Friday, Apple rallied as high as $137.29 but ended the day at $135.94.
United States Core Retail Sales data will be released today at 13:30 UTC, with an expected decline to -0.4%.
Meanwhile, United States NY Empire State Manufacturing Index (Jan) released yesterday at 13:30 UTC with a figure of -32.9, while the previous figure was -11.2.
Apple could be slowing down soon as it approaches resistance at $137.44. Of course, crossing it might suggest further gains are ahead. 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. Bollinger Band® analysis indicates that current price action is approaching the upper band at $137.71, thereby suggesting that Apple is becoming overvalued.
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 NVIDIA gained 4.75%, as it traded at $177.02. TSM traded at $89 after closing yesterday's trading day at $86.8 (up 2.52%).
Apple went up yesterday, yet these technology stocks did not follow — Texas Instruments lost 2.02% yesterday and closed at $175.4.
Furthermore, the market is looking at today at 13:30 UTC data for United States Producer Price Index will be released, with an expected decline to -0.1% from the preceding figure of 0.3%. Tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -1.75 million from the preceding figure of 18.96 million. As things stand, upcoming United States Core Retail Sales data is projected to fall short of market expectations with newly published data of -0.4%, following on from the preceding figure of -0.2%. New data is set to be published today at 13:30 UTC.
Apple hit a significant low of $125 around 13 days ago, but has since recovered 7.79%.