The updated daily chart of Apple, below, indicates that price has essentially gone nowhere over the past several weeks or so. Note that volume has tapered off, indicating an overall lack of conviction on the part of both bulls and bears as we await the next big move. The broad market has shown it does not need Apple leading it higher for now.
But what we do not yet know is whether the market can hang tough if Apple rolls over for another major leg lower. At the same time, if Apple is on the cusp of shooting much higher then it is tough to see the bears finding any reprieve in in the market, whatsoever.
Today, Apple is giving it a go at cementing another short-term low. I view $530 as the first major hurdle for bulls to clear, using today’s lows of $515 as a reference for support.
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AAPL has not had an up day in 2013.
Of course there have only been 3 full days. but it feels like every major stock had a least one up day for 2013.
Oops I kinda screwed that up, I mean AAPL has not closed higher than it’s open, forgot the Jan 2 gap up.