Apple Stock News and Forecast: AAPL trading plan for Friday

AAPL stock rallies to the close ahead of employment report.
Yield curve continues to steepen, hurting tech stocks.
AAPL poised near 50-day moving average.

Ivan Brian FXStreet

Apple (AAPL) stock rallied into the close on Thursday as investors took some risk off the table ahead of Friday's employment report. Four consecutuve days of losses eventually came to an end as the afernnoon saw a recovery in risk assets.

Apple stock news

We have two major news events for Apple coming up. The first is Friday's employment report, which will determine the path of rate hikes and yields for the next few months. The second is the launch next week of the iPhone 14. We have commented previously that product launches tend to see Apple perform well leading into them but poorly afterwards. As ever the launch will be a must-watch event, and the pricing of the new model will be the most important metric for investrors rather than any new iPhone features.

Apple stock forecast

The daily chart is still playing out the move lower, having seen a strong summer gain of over 30% from the June lows. Apple did break above the 200-day moving average, but failed to make a new high and failed at the trendline resistance. We then got the break back below the 200-day moving average and now sit at the 50-day. This is a set up for the next move. Resistance from the 200-day is at $161, but $164 is our medium term pivot, the low of last Friday.

Apple daily stock chart

Again here we notice on the 30-minute chart below the correlation with the Nasdaq is nearly 100% as we wait for employment data. A lot of recent volume has taken place around $160, so this is our intraday pivot. Really though the employment report will dictate everything for the remainder of Friday. A high number and equities will suffer as yields rise. In my view the only hope is a weak number, even something in line will not cause yields to drop enough to support an equity rally.

AAPL 30-minute chart

The author is short AAPL.

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Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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