Tuesday, September 18, 2012

AAPL Update

Lots of requests, although not much has changed except a possible rounding top is taking on better shape, here's the outlook, note that I did keep that AAPL core short position open.

As AAPL represents more and more of the NASDAQ 100's weight, any AAPL specific trades you may be contemplating, you could also apply them to the QQQ and the leveraged derivative ETFs if you were looking for a little extra leverage, but not the pitfalls of options.

60 min AAPL chart with Wilder's RSI 6 (I rarely use conventional settings with conventional indicators). RIS alone provides several decent divergences that called tops and bottoms for the timeframe, in fact there isn't a divergence on this RSI chart that didn't work, it is now negatively divergence with AAPL's price.

AAPL is also taking on a kind of "Rounding Top" as volume also is appropriate for such a price pattern.

 AAPL 1 min shows the pre-I-phone 5 launch strength we saw last week, since it has obviously given a much more negative signal.

 The 1 min intraday with a few small positives and several negatives (I highlighted each on price).

 3 min leading negative position with an in line intraday status, not a positive divergence.

 5 min is where we saw the strength before the new phone released with a leading positive, so this chart has been key as it moves to a leading negative, I'd like to see a more vertical drop in 3C soon.

15 min is leading negative, again no positives there, just some intraday confirmation moves.

The longer term charts haven't changed, although I'm not relying on those quite as much yet.

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