AAPLTalk QuickTake, 10/23/13: No New Ground, But No Red Flags Either

Wall Street didn’t go crazy over Apple’s newest iPads, but they might have net liked ’em.  The result:  A relatively quiet up day from AAPL.  Most of the excitement was right at market open – the first 15 minutes almost defined the entire intraday range.  But after about 11AM EST, AAPL didn’t look back and more or less drifted right back up to 525, breaking slightly above 525 before closing a nickel shy at 524.95.  It’s not a new intraday trend high, but it is a new intermediate trend closing high. 525-528ish a resistance zone?

A few quick notes before the charts.

AAPL actually gapped down about a point to 519 at the open, retested 519ish about a half hour later, and that was it.

AAPL’s outpacing the accelerated trendline, but also basing on a micro timeframe.

MACD-h looking to attempt a positive crossover and volatility squeeze on the hourly (with closing price well over mid-channel) would seem to suggest AAPL’s in good shape at this decision gate.  There are no guarantees in the market, of course.

Daily chart shows MACD-h continuing to gather steam, and AAPL’s handling trading above the EMA-8 and along the upper BB quite nicely. AAPL is both “extended” and acting well – choose your micro hypothesis.

A bounce, more or less, off the 38.2% retrace of the 474-528ish sub-uptrend yesterday?  If it holds, seems quite bullish according to the classic Fib retracement rules.

Suddenly, the “base uptrend” channel I was tracking from 388 doesn’t seem so far away.  Neither does the light blue mega-macro trendline.

My guess is that visibility remains poor until some point after earnings, but we’ll see.  So far, the price action has been more than constructive.

Hourly chart:


Daily chart:


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