Apple Helps the Market Pass its First Test of the Week...The Next (Bigger) Test Comes Today
- The rally in AAPL to a new all-time high will be quite bullish on a technical basis for the stock (assuming it doesn’t reverse quickly). This will be true if one other Mag 7 stock also see more upside follow-through (and we’re not talking about Nvidia).
- If there is one concern, it’s we’re getting even more evidence that this rally is an extremely narrow one…which is not good for the longer-term.
- Today’s CPI data…Chairman Powell’s press conference will obviously be very important…but we might not know the real reaction in the marketplace unit later in the week. That said, we should know by week’s end.
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