What’s Next For Apple And The S&P: This Is What The Charts Say

Jon Alternative Media, Blogosphere, Economy, Technical Analysis

Following last week’s relentless drop in Apple, and what appears to be a head and shoulders cap to the S&P rally which started with a double bottom in February, two questions posed most frequently by traders are i) what happens to AAPL next and ii) where does the S&P go from here.
We don’t know, since fundamentals clearly dont’ matter while technicals tend to be offset on virtually every step by some new and improved jawboning by central bankers, however, here is one attempt to answer that question by Bank of America’s chief chartist Stephen Suttmeier.
Here are his key takeaways:
AAPL breaks key support at $92.50 to expose $82-76. First resistance: $92.50-95.90. S&P 500 tactical head-and-shoulders top watch while below 2075-2085. Break of 2039-2033 needed to confirm this bearish setup.

This post was published at Zero Hedge on 05/15/2016.