Time to get the New Year started off right with…another bad pun. 😀
So, that Dec. 23 gap up didn’t hold…but it didn’t exactly fail either.
Is the market still waiting for some news out of China Mobile, whether it’s pre-order data points or subsidy information for the iPhone 5S/5C?
Let’s see if the hourly or daily charts have any maybe-clues in the meantime. Granted, this being the second holiday-shortened trading week in a row (with low volume and a lot of market participants still on vacation) isn’t all that helpful, but it can’t hurt to take a quick look at recent price action (can it? 😛 ).
– It may well just be me, but I’m still on Right Shoulder Watch. Sometimes the market doesn’t need much of an excuse to get bearish on and/or sell AAPL, it seems. AAPL holding the gold line is something I imagine AAPL bulls (including myself) would want.
– Tuesday’s decently strong action (as part of a broader tech bounce) did restore some micro bullishness to the hourly chart, as seen in the MACD-h and oscillator readings I track. And hey, look, that mega-macro trendline (in light blue) may be in play after all, at least as a composure reference.
– Not sure if this is some bizarre pennant-type thing forming, but I think one can still make a decent case for a bull flag. Also of note, AAPL held the 61.8% retrace of the most recent sub-uptrend, and is actually hovering at the 23.6% level currently.
– AAPL’s also acting better as far as hourly BBs are concerned. Whether that means anything, maybe the next few trading sessions will tell.
– While not nearly as compressed as mid/late November, there definitely looks to be a “decision gate” close at hand based on the daily BBs (bandwidth is about 27 points right now). Let’s see if there actually is a decision gate – my wild guess is there should be resolution (I’ll be here all week) or hints at resolution by next Friday.
– As far as AAPL’s “positioning” within the BBs – not too bad. As of now, AAPL reclaimed the SMA-20/mid-channel by almost one point. After four straight down days, a bullish engulfing candle (albeit representing all of about seven bucks worth of green) doesn’t seem too shabby.
– MACD-h is still showing micro downtrend, though that’s just the one indicator. It’ll be interesting to see if AAPL makes a run at the orange-brown downtrend line soon – it’ll be at around 567 by Friday.
Best wishes to all (bull, bear or otherwise) for the new year. See you on the trading floor tomorrow!