Apple is no longer a bellwether stock, just a gigantic, non-innovator that sells a lot of pricey computer hardware and gratuitous new versions of its smart phone. Even so, because of its enormous capitalization and heavy institutional sponsorship, it needs to be in bullish gear for the broad averages to move higher. Instead, the stock has been marking time for six straight days, providing neither leadership nor inspiration for traders who might otherwise be coaxed into buying something, anything. My hunch is that AAPL will take the path of least resistance and head lower if it can’t close above the 111.89 midpoint pivot shown by Thursday. If AMZN, too, heads lower, look for a not-so-dull ending to what so far has been a tiresomely dull week. _______ UPDATE (Dec 3, 12:39 p.m. EST): A retracement to the 105.32 midpoint pivot shown could provide an enticing buying opportunity. Until then, sit tight. _______ UPDATE (Dec 6, 5:36 p.m.): AAPL has generated a minor, bullish impulse leg on the lesser charts that projects to 110.58, or to 111.30 if any higher. On the 15-minute chart, you can replicate the pattern using these coordinates: a=108.97 (12/5 at 3:45 p.m.); b=110.36. _______ UPDATE (Dec 7, 8:57): Today’s modest thrust stalled precisely at a midpoint pivot that lies millimeters from the 111.30 target noted above. Now, if AAPL can push above p=111.18 by at least 5-6 cents, the stock would become a good bet to reach the 114.11 target shown (see inset, a new chart)._______ UPDATE (Dec 12, 9:56 a.m.): Friday’s opening bar short-squeeze exceeded my 114.11 target by 59 cents, implying still-high prices are coming. If so, you can use the 116.63 target of the new pattern shown for a price objective.
