Sorry!! The article you are trying to read is not available now.

Apple Looks Like a Better Short Than Long

Print comment Post Comments
Editor's Note: The following is a free edition of Jeff Cooper's Daily Market Report. For a two-week FREE trial of his daily commentary and day and swing trading picks, click here.

While Apple (AAPL) tested 180 degrees down from the recent swing high as shown on the earlier Square of 9 Chart (seen below) and is attempting a feeble bounce, it looks like a better short than a buy over the coming days/weeks.

The momentum gap through its 50 dma combined with what looks like a broken handle of a failed Cup & Handle suggests that the recent peak was a return rally/test failure of the April 10 peak.

Note that the recent swing high occurred on July 10, 90 degrees later. My take is that another 90 degrees out, in early October, should see a pivot, possibly a test of the 200 dma.

The 200 dma is now around 500.

Interestingly, 493 is opposite October 10 on the Wheel.

Click to enlarge

POSITION:  No positions in stocks mentioned.