Friday, March 9, 2012

Can AAPL Still Pull It Off?

If you've been in the market a month, then you know just about anything is possible, taking a look at the charts...

 Looking at the 1 min chart, where the positive divergence that most likely would have sent AAPL on a breakout today had the ISDA news not broke around the same time, what I see is 3C sitting at a higher low with price at a lower low from. This is still a positive divergence. Compare to the SPY below...

The SPY has no such luck, the SPY's only luck would be to piggy back off AAPL.

As I have mentioned many, many times, we see head fake moves nearly 80% of the time before a reversal. Still, this AAPL chart is VERY ugly, bouncing on diminishing volume in to resistance, a failure in AAPL here would be very old school TA, but nonetheless, it would still be a failure and no matter how it happens, head fake or old school failure at resistance, the point is that AAPL breaks, that's the key no matter how we get there.

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