AMZN, AAPL and GOOGL Forecast – Mag 7 Stocks Continue to Fall

AMZN Technical Analysis

Amazon looks like it’s going to open the session on Monday down again as we continue to see anything related to China, which of course most of Amazon’s goods come from, get absolutely hammered and punished. As long as the trade war goes on, these companies that have made their living basically exporting manufacturing out of the United States and then turning around and selling it to the United States will continue to suffer.

Amazon, of course, is down drastically. It’s well below the 61.8 % Fibonacci retracement level. And in my experience, generally speaking, you eventually retrace the entire move. So, it would not surprise me at all to see Amazon end up near the $150 level. On the other hand, if we can turn around and recapture the $180 level, there might be a tradable bounce.

AAPL Technical Analysis

Apple, of course, looks horrible. And again, it’s for the same reasons. Apple chooses to make its products in China. And that, of course, is going to get you punished in this market. The $170 level could offer support, as it is part of a previous gap. But we’ll just have to wait and see whether or not it does. Rallies at this point in time should be selling opportunities.

GOOGL Technical Analysis

Google or Alphabet looks like it’s going to open up lower, filling a gap from about a year ago, so it’ll be interesting to see how this plays out. If Google can recapture the $150 level to the upside, then it might have some momentum to finally get going somewhere.

In general, I think this is a market that probably does a little better than the other two in this video, mainly due to the fact that at least they’re not manufacturing much overseas, they are more or less thought of as Google search and cloud and things like that. Although the Pixel phone of course is I’m assuming made in China, but that’s not the core of their business. So, if anything, Google might lead the way.