Apple have been fined $2 million in their anti-trust case in Europe while Tesla’s sales in China dropped 25%, weighing on high-flying indices
The S&P 500 gapped lower today after Apple was hit with a fine yesterday and Tesla’s Chinese sales dropped by 25%, sending tech stocks lower. However, the index remains within the broader bull trend denoted by the blue upward sloping channel which encapsulated the majority of price action since the turn of the new year.
The S&P 500 now appears to have tested channel resistance once again and thanks to negative news from Tesla, Apple and AMD, has pulled back, even gapping lower at the open today. The 5,000 mark is the next level of support and loosely coincides with channel support, however,Apple was fined by a European court for anti-trust breaches and its treatment of Spotify on its Apple iStore which was made worse by news that Apple sales in China plunge 24% as its competitor Huawei gains traction.
Tesla has also witnessed a general move lower for some time with the recent negative news only accelerating it in recent sessions. Imminent support appears at the February low of $175 and with the RSI not yet in oversold territory, there may still be room for the bearish move to run. Resistance lies at the late Feb high of $205.60.
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