AAPLTalk QuickTake, 9/10/13 Market Close: Sell the News

Alternate post titles:  “Lucy and the Football”, “Assume Wall Street Disappointment With Apple Events”.

“Just” two charts today, without much commentary given the probably highly unpredictable action ahead in the next days, if not weeks.  Objectively/strategically, Apple did what it had to do (to at least survive to next year, heh), but that means the media and pundits will probably rake Apple over the coals, metaphorically speaking.  We’ll see what it all means for price action as we go – good luck to all, and – just to be safe – hold on to your hats.

30-minute chart:

aapl-30min-091013close

– Gold channel didn’t hold, “upper half” of the descending/parallel channel was tested though held on the first “try”.

– 500 looks “lost” for now.  Unpredictable action area between here, “mid-channel” (around 491-492ish by end of Wednesday), 485 airspace, and bottom of descending channel (about 480 by end of Wednesday).  Who knows what’ll happen.

Daily chart:

aapl-daily-091013close

– Some bizarre “right shoulder” forming to complete a sorta “head and shoulders” (circled area)?

– Intermediate read returns to “bullish with caution” in my humble opinion.

– Potent down day with very high volume (26.5M shares).  Very slight “lower low” made, a recent first.  AAPL 2-3 points below the EMA-8 and SMA-20.  Bollinger bands have compressed considerably to about 24 points in bandwidth.  Were AAPL to resolve the volatility squeeze/”decision gate” tomorrow, an argument could be made for downside bias.  I’m taking notice of that very potent down move without trying to overreact.

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