Summary:
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US stocks look to follow Europe higher
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S&P500 probing key resistance 2944
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Google unearth iPhone spyware attack
The start of the week could hardly have begun worse for stock indices with large gaps lower seen on the Sunday night open after more negative news over the weekend saw traders panic following Friday’s plunge. However, the low for the week on S&P futures was actually made in the first hour and after consolidating through the middle of the week, US markets are now looking to end it with a flourish. The reasons behind the gains may seem more than a little dubious given that it is largely based on empty rhetoric, but the market is rising nonetheless and if there’s further gains during the US session then a very bullish weekly candle will have been printed.
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A large bullish engulfing candle is forming on the W1 chart for the S&P500. A close this evening above 2944 would confirm this. Source: xStation
There’s been some bad news out for Apple before this afternoon’s open after security researchers at Google posted a series of blogs that outlined the details behind a 2-year long spyware attack on iPhone owners. Text messages, photos and device locations have been able to be captured by the hackers until Apple fixed the problem in february. The timing of this could not really be much worse for Apple as they are set to launch their new iPhone on September 10 at an event in Silicon Valley. Despite this news, the stock is called to begin higher this afternoon, with the pre-market seeing gains of around 0.5%.
Apple shares have been attempting to recover for much of the month with the stock swooning in late July on the back of additional China tariffs. Price is back above the 50 day SMA which is also above the 200 SMA - which itself has flattened out of late. Source: xStation
