AAPL Swoons Again Towards 650

In our point-and-figure chart on Apple (AAPL), note how much the red down column of O’s has retraced the adjacent blue up column of X’s. This retracement is too much to regard the rally off the bear trap print low at 652 to the recovery high at 672 as anything other than a head fake within the larger, dominant near-term downtrend that has developed off the all-time high print at 704.

That said, however, continued weakness must print a new reaction low at 650 to trigger downside continuation that points to 620-210.

Only a rally that prints 666 will start a new up column of blue X’s, which for the moment will neutralize and arrest the selling pressure in AAPL.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!