November 19, 2018 | AAPL, Broad Averages Joined at the Hip

I’ll continue to train a spotlight on AAPL because it is the stock that matters most. If it is falling, the broad averages will be weak; and if it is rising, stocks will be held buoyant. On Monday, it almost looked as though the two were headed in opposite directions. At the opening bell, AAPL gapped $3.50 beneath Friday’s final sale and couldn’t sustain even a small bounce.  But even as it was getting pounded, the Dow rallied from down 100 points to within 22 points of unchanged. It didn’t take long for the Indoos to get in bearish gear, however, and they fell for the rest of the day, more or less synchronized to AAPL’s small ups and and large downs. I expect AAPL to go even lower in the days ahead. Most immediately, there’s a target that lies $3.00 beneath Monday’s 185.85 close. But if that Hidden Pivot support is decisively breached it will open a path down to as low as 170.78 over the near term. All eyes will be on the stock whatever it does, but keep my targets in mind if you want a more accurate sense of where the turns are most likely to occur.

Rick Ackerman November 19th, 2018

Posted In: Rick's Picks

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