Apple Crash? — Nick Santiago 9-6-23 #521

Daily Market Wisdom with Nick Santiago

1. Markets are under pressure to start the day. Traders and investors are now back from the Labor Day holiday and are taking some chips off the table.
2. Everyone is talking about the oil rally right now. Crude has been very strong recently trading as high as $88.07 a barrel yesterday. It looks overbought to me at this stage, despite the news that Opec and Russia will cut production. While this news is bullish for the oil price the chart is overbought and extended. If anyone is long oil here I would at least protect the position.
3. Tech is getting hammered today. Apple (AAPL) is trading down by $5.00 today and this will certainly get the antennas up from many investors. This stock is certainly still the market leader despite all the focus being on AI and Nvidia (NVDA).
4. Gold is under a little pressure this morning. It is still trading above some key support levels, but a close below the $1914 level will open the door to lower prices.
Silver is also very weak today trading down by 1.4%. Again, the pattern looks very similar to gold right now.
5. Bitcoin futures are under slight pressure today. The bullish pattern that was in place two weeks ago failed and I now look for more downside in the crypto name. My next key suport area is around the 21,500 level.
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