$AAPL Chart Checkup, 6/23/14 Market Close: A Case of the Bearish-Leaning Doldrums

Seems like the “bearish equivalent” of the saying, “all sizzle, no steak.”

So…”you can hear the escaping air, but the stock isn’t visibly deflating”? 😀

Not much happened, so not all that much to say in today’s quick trip through the charts. (Click for full resolution.)

5-min chart:


– If a bear flag trigger’s occurred, looks to be for around 80-90 cents so far. Not exactly the 3 points or so the measured move was suggesting…though of course measured moves are only ever suggestions at best, up or down.

– Fairly small (35-40 cents?) head and shoulders pattern in today’s price action. Along with “the rest of” the bear flag measured move still in play and the $1-$1.20ish bear flag measured move from late last Friday, just something else to keep an eye on.

Hourly chart:


– Some range expansion to the downside, but the selling was considerably less intense than June 12.

– The “lower low” is about 28 cents lower than on June 13, or around $2 lower on a pre-split basis.

– As you can see there’s potentially at least one more bearish measured move to add based on this timeframe (from the June 20 open, maybe up to 1.9 points). Just me, but I’m looking more at reference levels than tracking multiple bearish targets at this point. And for now, 89 and 90-90.50 are not yet in play.

– Would be interesting to see what happens should MACD-h cross over positive this week.

Wrapping up with the daily chart:


– Range compression continues, but no resolution yet even as AAPL’s relative positioning into this volatility compression (couldn’t re-take mid-channel) continues to weaken.

– Third red day in a row (as previously noted, 5 straight down days would be unique this uptrend). Fairly low volume, not much over 40M. And for all the potentially bearish signs, a loss of 9 whole basis points. The chart’s looked much stronger on a micro basis, but for now, I’m thinking descending-channel-type consolidation isn’t out of the question yet.

You’d think AAPL’s due for a somewhat significant move (with a bias to the downside) any day now. Maybe this week? Maybe not until earnings? Who knows. See you on the virtual exchange floor tomorrow!


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