Strategist: 'Continue To Use Apple As A Barometer...It's Been Leading On Both Ways'

• Scott Redler is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.
• T3 Trading Group’s Chief Strategist went into a few subjects including short interest in the current market environment and Apple Inc. (NASDAQ: AAPL)'s recent performance.
• The expert assured T3 Trading Group continues to use Apple “as a barometer, because it's been leading on both ways for most of this year.”

When asked about the tech behemoth, Redler responded, “Apple has been really good to traders.”

“This stock has been a very good indicator for us,” he added. “It broke down before the market broke down; it then broke down before the little Monday flash crash; and then, believe it or not, it broke above that resistance, which was first at $114, ahead of the market, giving some clues that they could resolve that wedge that we were all watching in the S&P for the upside earlier in the week, before the Fed.”

Related Link: Don't Stop Me Now, Apple Having Such A Good Time: Canaccord Weighs In

The stock started acting weaker on Wednesday and Thursday, Redler continued, somehow telling investors not to get to excited. It will be interesting to see how Apple holds up over the next couple of days, he assured.

“I’m gonna wait a little bit. But, if it gets above $114.30, and holds above it, I think that that would be a little constructive. I think the bears will have too much power if Apple gets above $114.30 and holds there.”

On the other hand, if Apple gets above $114.30 and then goes red, it would probably mean there is more weakness to come.

“Continue to use Apple as a barometer, because it's been leading on both ways for most of this year,” Redler concluded.

Disclosure: Javier Hasse holds no stakes in any of the securities mentioned above.