AAPL's relative strength vs the market this morning has been surprisingly poor, AAPL even hit support off a decline on the a.m. gap, so AAPL trade remains interesting.
AAPL vs the QQQ shows poor relative strength this morning with AAPL once again touching support from last week.
On a 1 min chart AAPL was negative right off the open , but has put in a positive divergence (intraday) upon touching support.
The 2 min chart shows this more clearly.
Yet the longer term 5 min chart remains leading negative and has even added a bit to that this morning.
The long term charts are leading negative, this is the 60 min, the 30 min is worse as shorter timeframes flow to longer ones.
I would expect from what I see so far AAPL to bounce a little intraday or soon, but with the 5 min and on charts continuing to slide, it is certainly not looking good for AAPL. Furthermore it seems it will be disconnected from the market correlation.
I'd be interested to see what the short term 1-2 min intraday charts do upon any intraday bounce.
No comments:
Post a Comment