(MENAFN- Daily Forex)

• Apple has gapped higher to kick off the trading session on Monday, as reports are coming out that high levels of preorders for the iPhone 17 are expected to boost Apple's Q3 results, which has traders happy.
• Furthermore, we have seen an overall“risk on move” in the NASDAQ itself, so that has a bit of a feedback loop when it comes to how Apple will behave.

Technical Analysis

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The technical analysis for Apple is somewhat flat over the last couple weeks, but overall, it is bullish. After all, the 50 Day EMA is approaching the $225 level, an area that has been support recently. In other words, it is being supported by a couple of different things at the same time. With that being said, the market will of course follow the overall risk appetite of the larger stock market, but the fact that the 50 Day EMA crossed above the 200 Day EMA a couple of weeks ago kick this market into a bullish trend as the“golden cross” is something that a lot of longer-term traders will be paying attention to

All that being said, it's not until we break down below the 200 Day EMA that we would consider this market struggling and perhaps even one that will sell off drastically, but I think you've got a situation where Apple will simply move along with the idea of the overall trend of the NASDAQ. That being said, keep in mind that the Federal Reserve has an interest rate decision on Wednesday, and that will have a major influence on how markets overall behave. With this, I would be a little bit cautious about getting overly exposed any one particular stock, but Apple is one of the biggest holdings of passive investors as well, so quite frankly, it has a little bit of the“built in bid” most of the time.

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