The new iPhone 7 and 7 Plus go on sale at Apple (NASDAQ:AAPL) stores and carrier retail locations in more than 25 countries today, with prices starting at $649. But this year, the company will not disclose opening weekend sales numbers because they are “determined more by supply than demand.” With strong handset pre-orders, Apple shares have so far gained 12% in what could be their best week since October 2011.
In Asia, Japan +0.7% to 16519. Hong Kong +0.6% to 23335. China -0.7% to 3002. India +0.7% to 28599.
In Europe, at midday, London flat. Paris -0.6%. Frankfurt -0.6%.
Futures at 6:20, Dow -0.3%. S&P -0.3%. Nasdaq -0.3%. Crude -1.3% to $43.96. Gold -0.2% to $1315.90.
Ten-year Treasury Yield -3 bps to 1.67%
(Source: Seeking Alpha)
Bulls had another “bite at the Apple” in prior session as enthusiasm increased that there will not be a September “surprise” at next weeks Fed Meeting and any interest rate increase will be pushed out to December. As such, Bulls fended off early sellers and in fine fashion price rallied the remainder of session achieving 2141 handle Cycle Day 3 Penetration Level concluding a Positive 3 Day Cycle.
Today begins new Cycle Day 1 (CD1)…Having exceeded all upper cycle targets the next cycle decline can begin to unfold. Average Decline on CD1 measures 2123.50.
Range Projections and Key Levels
Today’s Hypotheses: September (Z) Contract
Scenario 1: Price has declined off PH (2144.50) in overnight trade down to 2126.75 (3D CPZ). Bulls will need to keep price from falling further and reverse from this level. Initial objective would be to convert 2135 handle to new support.
Scenario 2: Expectation for CD1 is a decline and price is accommodating in overnight trade down to 2126.75 (3D CPZ). Average Decline on CD1 measures 2123.50. Further weakness below this level would favor potentially giving up all of prior sessions gains.
Stay Focused…Non-Biased…Disciplined ALWAYS USE STOPS!
“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee
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