AAPLTalk Late Night QuickTake, 9/5/13 Market Close: Mind the Gap (Particularly With AAPL)

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-30min-090513close

– 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):

aapl-hourly-090513close

– 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.)

aapl-daily-090513close

– 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.

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