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Apple needs to show weakness for both bulls and bears

SPX Tech analysis by Newsroom on 12:47 July 26, 2018 EST

The tech giant is still making new highs on a weekly basis and among the FANGs remains the strongest.

The price of a share is now at a stone throw of the $200 mark which could provide a psychological barrier.

The chart shows price quite away from its mid term supporting moving average but this is not an indication that it has to revert to it before making new highs.

Needless to say that all big hedge funds are bullish on the stock and even retail traders are optimist with a whooping 95% of them betting for further up moves. In this context a correction could become an abrupt decline of epic proportions quite easily.

The share price will have to go below $170 to consider a bearish case.