Technical Analyst Says This Trend Indicates 'a Market in Correction'

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Let's take a look at the markets. 

Bob Lang and Chris Versace, Action Alerts PLUS portfolio managers, discussed what they were watching in the markets. As a technical analyst, Lang has been hyper-focused on volatility. He discussed why he's been watching the morning sentiment and tracking overall sentiment throughout the day in the video above. 

And, in economic data, headline CPI for the month of September was estimated to have risen 5.4% from last year, up from the 5.3% pace in August and near to the highest levels since 2008. On a monthly basis, inflation was up 0.4%, the BLS said. 

RelatedStock Market Live: Inflation Leap Trims Dow; Tech Gains As Bond Yields Ease

Supply Chain Issues Taking a Bite Out of Apple? 

In a Bloomberg report, which cited sources, Apple  (AAPL) - Get Apple Inc. (AAPL) Report is reportedly telling partners that the total number of iPhone models produced will be lower than the 90 million that had been previously expected because both Broadcom and Texas Instruments are struggling to deliver enough components. 

Both Broadcom and Texas Instruments are manufacturing partners for Apple.

"We are buyers of any near-term AAPL share price weakness on iPhone supply chain disruption given AAPL is likely to receive more supply than competitors, demand isn't perishable, and our FY22 estimates are unlikely to change materially even if revenue and EPS shift across quarters," wrote Morgan Stanley's Katy Huberty.

Head to Wednesday's Daily Rundown to hear what Versace and Lang are only telling members of the Action Alerts PLUS investing club. 

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