AAPLTalk QuickTake, 3/24/14 Market Close: Something Different, Yet Familiar

Well how about that. The signs seemed pointed to positive; the broader markets suffered a post-weekend hangover; and AAPL traded on its promising technicals from last Friday, significantly outperforming the indices and having itself a nice day, possibly leaving more price action clues in the process.

So – subject to the ever-present raft of caveats about my home gamer chart reads, the few thousand forms of chart/technical analysis I don’t use, the millions of ways you can look at all kinds of different timeframes and so on and so on…how are the charts looking now?

15-minute chart:

aapl-15min-032414close

– Looks pretty good, overall.

– Micro head and shoulders pattern? Well, it’s out of play right now.

– It’s a short timeframe, but constructive action as far as the Bollinger bands. AAPL needed a few hours to digest the gap up at the open (lately, gap ups tend to make AAPL bulls nervous), but the mini volatility compression resolved pretty nicely.

– Hey, check out the intraday low candles right around the blue trendline!  Always nice when trendlines are “validated” by price action. And for today at least, it’s looking like support instead of resistance.  Not sure what to make of AAPL reclaiming the ascending bright green line, which was an “accelerated trendline” from about late January to early March.

– MACD-h slightly negative, but AAPL managed to hold most of its gains for the day.

Daily chart:

aapl-daily-032414close

– Nice resolution of the volatility compression to the upside, on >10M volume. AAPL hasn’t been great at holding price gaps lately (currently at 535), though – AAPL hasn’t been in momentum mode lately, either. Is that changing?

– That pair of candles look similar to those from early October. They actually seem a bit better overall – strong price action, with today’s candle representing both a higher high and a closing price higher than the opening print.

– AAPL’s cleared the blue descending trendline so far – that’s new. Now, AAPL’s right around the pale green descending trendline. Get over that, then the orange, then the upper gold, and the case for “history repeating itself” gets stronger.

– Honestly, other than AAPL not closing over 540 – which is really an OpEx level more than anything, and AAPL did hit an intraday high of 540.50 – the instantaneous read is just plain better than it was after the Friday close.

All of the PMI data caused wildly divergent results across the world markets, but AAPL mostly shrugged off the US market malaise and started delivering on its bullish promise from the end of last week. Is AAPL “turning the corner”? Is that inverted head and shoulders triggering? We’ll know sooner than later. Tomorrow will prove very interesting.

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