AAPL’s price action on Friday was very bearish, since it breached a clear Hidden Pivot support at 159.71 while also exceeding by two cents August 24’s key low at 158.55. Ostensibly, this was due to some downbeat reports on iPhone sales that sounded more like the usual spun hogwash intended to shake shares loose from weak hands. Whatever the case, AAPL shows no enthusiasm for moving toward the 168.33 rally target that I said here earlier could mark the end of the bull market. Last week’s selloff doesn’t justify giving up on the target, but it should at least open our minds to the possibility that the stock has seen its bull-market highs. A further fall exceeding the 154.63 low shown in the chart would provide fresh evidence of this.
