Final Hour Update on Apple

I am still long a piece of Apple from the $520’s inside 12631.

Currently, the stock is riding along outside its upper daily chart Bollinger Band, indicating strong and overbought conditions remaining so. Even though it is red today, climb higher has been a steep one. That type of action indicates that the five-point symmetrical triangle, outlined below, caught a good many market players out of position with the true breakout.

Also note that Apple overshot its January highs from this year. I would now expect some backing and filing back down to at least that $555 area before we gain insight into the stock’s next big move, with potential for me to add back to my retainer position.

What are you trading into the bell?

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