Since last week, equities markets appeared to be reacting negatively to news from House Speaker McCarthy, who during a closed GOP meeting on Tuesday, indicated that there was still a long way to go before a deal was reached. This came as a surprise to onlookers, as last week\u2019s post-meeting statements indicated that, the US would not be allowed to default. However, it appears that the talks did not proceed according to plan, as the two sides remain at odds over key issues, such as raising taxes and closing tax loopholes for oil and pharmaceutical companies, alongside the spending allocation assigned to military operations. Thus, raising the prospect of the US potentially defaulting on its debt, which according to Treasury Secretary Yellen could be as soon as June 1 <\/sup>.Furthermore, aiding to the decline in the Dow Jones 30 index, could have been the release of the US Preliminary Manufacturing PMI figures, which indicated that the US manufacturing industry is experiencing a contraction and the figure below 50 which serves as a cutoff point between expansion and contraction, may imply a worsening economic outlook for companies registered in the industrial heavyweight Dow Jones 30 index, thus feeling the heat. However, equity traders may be more concerned with the release of the FOMC\u2019s May meeting minutes which are due during today\u2019s American session. The wording used within the meeting minutes, could potentially provide insight into the Fed\u2019s actions in their next meeting, where should the bank indicate that they are willing to remain on hold, could facilitate inflows into the equities markets due to a weaker dollar. Yet the release of US Core PCE rates for April on Friday, should provide a greater degree of clarity, for the next potential move of the Fed in regards to interest rates, since they are the Fed\u2019s favorite method for measuring inflation.<\/p>\n\n\n\n Aiding to the fall of NASDAQ 100 yesterday, which has gone rogue over the past few weeks due to the AI induced hype, was the report surrounding the tech giant Apple (#AAPL), as the EU Competition regulators appealed to the bloc’s highest court, aiming to force the company to pay back $14.3 billion worth of taxes to Irish authorities. The potential implications of Apple having to pay back taxes, dealt a 1.5% blow to its stock\u2019s price, as market speculators may be concerned that a prolonged legal battle could hurt Apple\u2019s image in the long run. In addition, a legal battle could eat away from the company\u2019s profits, during a period where the global economy is expected to enter a recession, thus any unnecessary expenses could further weaken the stock.<\/p>\n\n\n\n Support: 169.75 (S1), 164.00 (S2), 157.55 (S3)<\/p>\n\n\n\n Resistance: 174.90 (R1), 179.35 (R2), 182.65 (R3)<\/p>\n\n\n\n Looking at #AAPL 4Hour chart we observe investors reacting unfavorably to the potential fine that may be imposed by the EU Competition authority and the stock appears to be moving to the 169.75 (S1) support line. We hold a bearish outlook bias for Apple and supporting our case is the RSI figure under our 4Hour chart, which failed to break above the 70 figure and is currently near the 50 figure, implying that a possible shift in the positive momentum, may turn negative. For our bearish outlook to continue, we would like to see a clear break below the 169.75 (S1) support line with the next potential target for the bulls being the 164.00 (S2) support level. For a bullish outlook, we would like to see a clear break above the 174.90 (R1) resistance with the move towards the 179.35 (R2) resistance ceiling.<\/p>\n\n\n\nApple (#AAPL) embroiled in a legal battle with the EU Competition Commission<\/strong><\/h2>\n\n\n\n
Analyser la technique<\/strong><\/h2>\n\n\n\n
#AAPL 4Hour Chart<\/strong><\/h2>\n\n\n\n
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