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Apple Loses Support

For no apparent reason, Apple (AAPL) has plunged beneath key three-week support at 396-93, which has triggered long liquidation into the 385 area so far.

However, to satisfy a large swing corrective decline, the current down-leg in AAPL should find a way to press into the 375-370 area prior to attracting new buying interest.

If I have to guess why AAPL plunged, then I would suspect that since it is one of the few remaining really crowded positions on the planet, it is being affected by entrenched longs getting liquid (in the gold market today, too).

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