AAPL “closes the gap” but hasn’t filled it. Where does that leave us? No one ever really knows for sure, but let’s see if the charts have some clues!
30-min chart (note, I switched up the timeframe to keep tracking the parallel channel as I’m approaching the limits of how much can be shown via the 15-min chart):
– AAPL broke below the gold reference trendline. There may be yet _another_ parallel channel using that gold line – not sure, but for now, it may be useful as a very short-term composure measurement channel.
– AAPL still in “second gear”, but not by much. It did bounce a tiny bit at the end of the day, but whether the price action is more like Aug. 19-26 (holds) or, well, Aug. 27 (waterfall to the lower half of the channel) remains to be seen. So far, AAPL hasn’t had any real back-and-forth activity “mid-channel”. NASDAQ shutdown aside it’s been basically “one half or the other”. We’ll see if that trend holds.
– 30-min timeframe is showing oversold (Williams %R) and negative MACD-h with a higher low than yesterday. A good sign if AAPL can find momentum in the short term, “meaningless” if it doesn’t, in my opinion.
– AAPL’s holding over 50% of the gap up from Tuesday-Wednesday, but not quite 2/3 of it. At this point, measuring AAPL within the channel still seems like a useful “proxy” for trying to puzzle out the other indicators. And really, price dictates the technical readings, anyway! 😀
– In case you were wondering, 15-min chart MACD-h went very slightly positive end of day.
Hourly chart (gold parallel channel will appear in future charts):
– MACD-h and Williams oscillator now negative/oversold respectively. Is the ending candle “hopeful” or just part of a micro bear flag, time will tell.
– Very odd “disconnected cascade” trading – you can make out three separate “crashing waves” with two gap ups separating them, but so far, higher lows are being made (green arrows).
– The read remains uncertain. (Note the reference parallel channel discussion for the 30-min chart, though.)
– Still no change to the “bullish, with caution” intermediate-timeframe read.
– Not a great candle of course, but as seen once again, higher lows are still being made.
– AAPL floated above the EMA-8 yesterday, mildly bounced off it today. Good sign? How about…sort of, or so far?
– Too early to tell if the MACD-h making a higher low is a potential sign of recovery after further micro consolidation. The action remains constructive over 495 and in my opinion, as long as AAPL stays within the parallel channel (up to a certain point, anyway), but that’s only based on the past, as it must always be. (Is it “insider trading” if time machines are eventually invented? :P)
Can AAPL notch overall gains for the week? We’ll know soon! See you on the trading floor Friday morning.