Ethereum

Apple soars, Bitcoin and Ethereum fall: Tuesday’s market trends

Published

5 months ago

11 June, 2024

Apple soars, Bitcoin and Ethereum fall: Tuesday's market trends

Yahoo Finance Jared Blikre joins Asking for a Trend to break down Tuesday’s market trends.

Apple (AAPL) reached a new all-time high, up around 7% during the day. Blikre notes that the likelihood of this move being a false breakout is an unlikely, high-risk scenario.

Inventory volume across the market has fallen recently. Although volume is currently below average, Blikre believes it will normalize over the summer.

Finally, bitcoin (BTC-USD) and Ethereum (ETH-USD) are experiencing their worst day in five weeks, which they also hope to normalize over the coming months.

For more expert insights and the latest market action, click here to watch this full episode of Asking for a Trend.

This article was written by Mélanie Riehl

Video transcription

And the S and P 500 NASDAQ closes at a new high as Apple S hits record high here with more takeaways from the trading day.

Let’s jump straight to Yahoo.

Jared Blicker of Finance.

Jared.

Thanks, Josh.

Guess what?

I’m going to call it a comeback because Apple hasn’t been going anywhere for years.

You can see it’s up 7% today, the best day in several years.

This is what it looks like today.

I’ll show you the last two years and you’ll see what I mean by this breakout.

Uh we weren’t going anywhere uh for quite a long time here and only recently uh we can see it over the last five years, which includes the whole pandemic.

In fact, there was a lot of secondary action here.

So we’ve reached new nominal highs, but now we’re finally revealing what’s interesting about it.

And uh by the way, let me just show you our takeaway board, uh nicely prepared for us.

It’s Apple that reaches a new all-time high, but I did a study and so I took a signal day like today.

So if you have an apple that gains 3% and hits a new high.

I calculated that this has happened 15 times in the last 20 years and we only allow one signal per quarter.

What’s important is what happens afterward.

So, a day later, up 4/10 of a percent, only four times out of 10 is positive.

But you start looking at a week, a month, a quarter, a year later, up to 88%.

These are very good stats, even for a stock that is mostly up, because there are long periods of breakouts and it eventually goes up.

What is the risk here for this?

Because we’re looking at average gains of around 30% over the next year.

It’s the V that’s going to look at this in a second here.

But what I want to show you is this Apple graphic again.

So we’re looking at five years here.

The risk is that this is a false breakout and that we immediately go back down in the coming days and then go back down even further.

The story continues

But that’s the Iris scenario, but it’s a low probability.

That’s not what I think is going to happen.

And so for the market, Jared, what’s more important to remember when you know, a name like Apple is starting to work like that again.

Yeah.

So we’ve been talking about this NVIDIA story, which is the AI story, for a very long time.

Apple has sort of been left behind and you can see that in the year-to-date totals.

Even Apple pretty much breaks even to start the day for the entire year.

NVIDIA up 144%.

NVIDIA got all the action.

NVIDIA may be a little tired here.

So it would be entirely fitting if another major title could carry the AI banner for a while.

Um, Apple is still a leader in the stock market over the last 10 years.

So it’s probably comfortable for a lot of people to see him in the lead again.

Um, I see that as a big positive for the market.

All right, Jared Blu point number two.

Yes, we are facing market complacency.

So let me move on here.

Apple has reached an all-time high, but inventory volume has fallen recently.

Let me give you some statistics.

So I’m looking at uh spy volume spy, it’s uh, I’m tracking the S and P 500 spider ETF which is kind of an indicator of the market as a whole.

I recently saw the lowest amount of spying in years and sometimes what happens in the summer is good.

In May, June comes, you see a little volume flag, but it’s extreme.

I don’t mean extreme, but I mean more than average.

We are therefore seeing a volume below average.

What this reminds me of is, a few summers ago in 2022 we had this big bear market?

Everyone was a little scared.

Um, we’ve seen the stocks for a little while.

They managed to get up.

And so there was this feeling in the market that everything was going well.

But I think, you know, the old adage, “hedge in May or excuse me, sell in May and go,” should be replaced with “hedge in May and go.”

And I think that’s just what we’re seeing here.

Finally, I just found my card.

Here’s 2022, here’s that summer rally I was watching.

And I just think that market participants are just not very active this summer.

I think they got their positions on their hurdles and they kind of pulled away for a little 3rd, 3rd 1, Jerry.

We will come back to this very quickly.

This is due to Bitcoin, Bitcoin and Ether having their worst day in five weeks.

So I’m going to move on to the charts very quickly.

I showed the, uh Bitcoin Board, the Ether board at the close today and you can see once I load them up here, uh, just give me two seconds and here we go.

Um, you can see a lot of dark red on the screen.

This is Bitcoin.

What I have emphasized since the beginning of the year is that we are in a negotiating range.

So this could be the worst day we’ve had in a few weeks, maybe in a month or so.

But until we break out of that range, up or down, it doesn’t mean much.

And you take a look at Ether.

It’s a pretty similar chart.

So.

Just a little bit higher trading rate very quickly.

Does that tell me anything about the risk appetite as the feds approach, you know, a good question.

Um, Bitcoin has been correlated over the past few years.

You know, with risk, risk appetite before the meeting.

I don’t know, because in the case of copper, it’s kind of the appetite for risk that has reached a new high.

Then it fell to a new low.

You take it, you put that in conjunction, the commodities market with the crypto market, maybe risk is a little tired right now and you, you kind of put that, uh, with my thesis previous in the market, the market could be on the move. autopilot until the end of summer and that plays a role.

So I’m not expecting a huge shake-up tomorrow at the Fed meeting, but maybe things are a little more dicey than bubbly.

All right, we’ll wait and see, Jared.

Thank you my friend.

Appreciate.

Source

Related Topics:false escape Jared Blikre Market Trends

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