AAPL

AAPL will be reporting this week, I believe Thursday. If I had to make an earnings call on AAPL right now, it would be a negative call, but as we saw last week with GOOG, the distribution was VERY HEAVY and VERY FAST and occurred in the last hour of the day before they reported, so Thursday is a ways off for me to be making earnings calls on AAPL, although I do suspect that they'll have problems.

Last week I mentioned AAPL looked like t would hit the bottom of the linear regression channel, it did so today.

In doing that, AAPL created a third lower low and in in a primary downtrend, for anyone who takes a longer term perspective, this is for all intents and purposes a major stock that is actually trending from $360 to $322 and doing so in a wide, but orderly fashion.

The other result of AAPL's break to the lower chanel today is a break of some important support.

You can see a clear top and it's broken today. As I just wrote to a member, it's now time to start looking at whether we can hold trending trades, because up until now, whether you were long or short, it's been tough to hold anything for a week, but once the market begins to trend as it did in the 2008 decline, you won't want to be trading around the position too much as you'll likely miss the big days down in the trend. Are we there yet? Today surely makes me want to say yes, but one day doesn't make a trend.

Because AAPL is such an important part of the market and because it is so close to broken support, it's the perfect canary in the coal mine to see whether they'll keep playing the games they've been playing in which an upside move above support would occur or whether the market is really terrified now and is liquidating risk assets, in that case, AAPL would continue its fall, far enough away from resistance that it would be cost prohibitive to try to move it above resistance, that's when we'll have a good idea of where this market stands and if we need to shift tactics to a more trending type of trade, which I would prefer.

Here's the rest of the 3C AAPL charts

 Hourly with negative divergences at the tops which create the downtrend (lower highs, lower lows)

 The 15 min chart is confirming the downtrend.

Here it looks like a very weak attempt so far to get some intraday relief.