AAPL Follow Up

Since the shortest timeframes will be the first to catch up to today's price action and the longer timeframes will take a little longer, I'm going to present the big picture first and start with the longer, more important AAPL 3C charts as they represent the larger underlying action or strategic outlook and work my way down to the shortest intraday timeframe that represent the intraday moves and more of the tactical or short term outlook.

While the initial opening move is nice to see, remember I son't like early a.m. trade as it is full of noise and market manipulation of overnight and pre-market orders, the better data comes from later in the day (on most days).

 AAPL 30 min chart, this is an important timeframe for the longer term outlook, as mentioned, the last several reaction highs through June and July have seen lower 3C readings, the most recent reaction high has seen the worst, leading negative 3C reading. If I had to guess, which I always do, I'd say this is probably a pivotal moment for AAPL at least for short term to sub-intermediate trends. If 3C were confirming price action, it would be making a new high with price.

 The 5 min chart is the first timeframe of the faster timeframes where we typically see important, longer term underlying action, this leading negative divergence in to yesterday and today's highs is pretty ugly. I don't think the 5 min chart has fully caught up yet to the opening action.

 The faster 3 min chart is probably the most important of the intraday or day to day timeframes, clearly it looks like AAPL saw distribution in to yesterday's price strength, this is why I say, "Let the trade come to you" rather than chase it as I'm sure so many longs did yesterday and opened the September put in the options model portfolio yesterday.

 The 2 min chart shows a leading negative divergence from yesterday and continuing in to today thus far.

The 1 min chart which should be caught up shows non-confirmation of the move higher this a.m., 3C did not make a higher high, the intraday action thus far is in line as price and 3C both made lower lows. There is a relative positive divergence and that seems to be what AAPL bounced off thus far, but remember this is intraday moves, the more important charts are the longer and they are not looking good.

I wouldn't expect a total break down this early in the day any way, the market is way too volatile for that, instead I think we'll see lots of running of stops and triggering orders until later in the day.