21st day of QQQ short term down-trend; failed AAPL break-out

GMI0/6
GMI-20/8
T210835%

As I suggested a few posts ago, it is likely that people will take profits this year to avoid higher taxes next year. This could set the stage for an end of year decline. As this weekly chart shows, AAPL looks pretty sick. It failed to hold its recent green line break-out.

 

2 thoughts on “21st day of QQQ short term down-trend; failed AAPL break-out”

  1. Hey Dr. Wish. I will beg to defer on this one. We are seeing a correction pattern playing out. 550 will be tested and if it breaches there. All bets are off for this stock.

  2. agreed with the commenter above. 556 was critical weekly suport for AAPL. 2930 for the Nas. We fell through these levels on Thurs and tried to retake them today but were unsuccessful. THese areas not look to be resistance. We more likely get downside action next week. T2108 doesn’t indicate a likely bottom yet, either.

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