AAPLTalk Late Night QuickTake, 8/26/13 Market Close: “AAPL Rally, For a Limited Time Only!”

That rally sure didn’t last long, did it.

“QuickTake” (get it?) means what it says on the tin, shorter-form commentary on the charts (which I may be doing a lot more often since it saves on words and a bit of time), so here we go:

15-min chart:

aapl-15min-082613close-2

– I know, I know, the situation in Syria apparently played a role, but whatever the case, here we are.  Oh look, 500-505 purgatory at the close.  Again.

– Interminably long wedge formation (well, maybe 10 trading days, but still) now the most plausible formation in play because micro descending channel already played out?  See:  New brighter green line, horizontal line around 500

– AAPL hasn’t intersected the accelerated trendline I’ve been tracking (YMMV).

– Another micro H&S in the making, missing right shoulder?  We’ll see.

– My Out on a Limb™ Read:  Until we see <500 and >505 and something more decisive, it’s still too early to call.

Hourly chart:

aapl-hourly-082613close

– Ugly final candle.  But not unique to AAPL, and MACD-h remains in positive territory.

– AAPL close to micro oversold on Williams oscillator; what does it mean, need more clues from price action as usual.

– Is another pennant with lower trendline first contact point from Aug. 15ish forming? Recent price action hovering just over 500 makes me skeptical as far as this timeframe is concerned (too much of the price action is below the potential pennant lower trendline).

Daily chart:

aapl-daily-082613close

– For some reason, pennant-type formation looks somewhat more reasonable when there’s only daily candles to look at.

– Potential warning signs – MACD-h continues to dip, AAPL continuing to get rejected when trying to stay above 505 (8/19, 8/26 “breakout failures” and not very pretty candles to boot, although both were net up days)

– EMA-8 continues to make progress, now at 498ish; lower daily BB close to 440

– Overall trend is unmistakably still up.

Micro trend may be somewhat more in doubt, particularly due to new inverted hammer candle formed today (2 in previous 4 trading days).

Could be a volatile trading session tomorrow.  Best of luck to all.

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