9 outta 10 (up days) ain’t bad – the intermediate trend matters more anyway. And since AAPL’s turbulent day ended with a retrace of about $1.50 – that trend hasn’t really changed at all.
A few notes. AAPL appears to be trading on an accelerated trendline right now. Since it’s sharper than that ascending parallel channel I’ve following for some weeks, AAPL “isn’t likely” to maintain that pace forever, but for now, the trend is intact.
AAPL was tested, but weathered it quite well considering. On the hourly chart, it’s working off its overbought condition. The selloff to 508 was ultimately short-lived, with the side benefit of filling prior gaps in the chart. The EMA-8 wasn’t reached, as it was just a point lower than the 508ish intraday low.
I’m no expert, but while the action was quite volatile, it seemed ultimately constructive, and a “needed” day of rest in any case. 508 is potentially micro support, and sellers couldn’t hold AAPL at the 513-ish prior resistance. 513ish-516 could be interesting to watch if there’s further retrace.
We’ll see where things are as the earnings release approaches. Visibility may be very poor right up until the day after earnings.