Forbidden Fruit?

In our last WEEK AHEAD note we took a look at a couple of individual names that showed promise. One was the chart of PINS and the other was the chart below of AAPL. This name is the largest cap play on earth so it demands everyone’s attention. It has produced a WEEKLY breakout above the bullish inverse head and shoulders pivot of 157, but the last couple of sessions have recorded bearish candlesticks. Wednesday registered a shooting star and Thursday a spinning top. Now of course for this play to be valid it must CLOSE above the 157 trigger on Friday. Perhaps all the chatter about the Nasdaq advance-decline line heading lower, in the opposite direction of the benchmark itself is starting to weigh. Remember PRICE action is omnipotent to each indicator and everyone one of them reacts to PRICE. An indicator is something to should be watched intently but not acted upon until PRICE confirms. Tomorrow will be a very interesting session, to say the least. Will an apple a day keep the bears away?

This article requires a Chartsmarter membership. Please click here to join.