Mixed messages from AAPL around these upper levels (in terms of the intermediate trend). Will the parallel channel hold tomorow, or will a micro bear flag threaten its validity?
Not much to say this QuickTake, so we’ll let the charts do the talking today and AAPL price action tell the story tomorrow.
– AAPL acting OK around the top trendline, base uptrend channel, but quite a falloff end of day.
– Micro timeframe bear flag in play?
– AAPL’s currently unable to break above the “halfway line” of the parallel channel. It’s just not that inspiring a 2-day bounce so far. Doesn’t mean AAPL can’t hold the line, it’s just not showing an impressive amount of strength based on what we’ve seen since Tuesday.
– Not much to add here. BBs are compressing again with MACD-h not too much over the zero line. Implication seems to be indecisive price action at best, at least on this timeframe – maybe a slight bias to the downside since AAPL’s a touch below mid-channel, who knows.
– Intermediate read of “bullish with caution” still unchanged. AAPL didn’t break any new ground today.
– Well, except for an ugly candle that’s like a cross between a gravestone doji and a very “thin” inverted hammer. AAPL tried and failed to break above the EMA-8 (494ish), though at least it was more like a “couldn’t hold the level” vs. “bounced off the level”. Really, you can say the same for the 495 level.
– Clearly, those toppy-looking green candles haven’t been doing AAPL any favors lately. Put another way, so far they’ve been instructive signals this mini-downtrend.
To those who aren’t already on vacation from the markets, best of luck tomorrow. Labor Day Weekend is just around the corner.