Last week, Apple Inc. (AAPL) basically pegged the top of this channel. It’s pretty clear that we are starting to slow down. Even the MACD is starting to curl down a bit.
But we haven’t really broken down in price. Midweek we had a big sell off but then we bounced back up to about $164.50 at the end of the week.
If we get above $165/$166 this week, we could be headed onward and upward out of the descending widget (top line) that’s been forming over the past couple of years.
But today, we’ve broken $161 to the downside, so it looks like we could be headed lower.
We’ll see how it all shakes out. Enjoy the rest of your week and I’ll be back with a review next Monday.