Apple looked bound for the mid-$140s three months ago, when it tripped a buy signal near $128. The stock has gone flat since, suggesting that investors may be less enthusiastic about AAPL shares than customers are about the company’s products. What’s ailing Apple? One financial writer suggested they jettison their computer division in order to focus on devices that represent the future rather than the past, however illustrious. A bit extreme? Perhaps it only seems that way because Steve Jobs is no longer around to bet the ranch on the next big thing.
Whatever the case, Apple’s leadership has been conspicuously missing on days when the stock market can’t seem to figure out which way to go. From a technical standpoint, the 146.20 target shown is no less viable than it was in mid-March. But the stock will need to push decisively past the red line, a ‘midpoint Hidden Pivot’, to signal that bulls are back in charge. Unless and until that happens, it’s unlikely the broad averages will be able to make much headway.