Sellers demolished a Hidden Pivot midpoint support at 197.97 on Monday, implying they are likely to push AAPL down to at least 185.87 before they are spent. Droves of buyers evidently stand ready to pounce on the stock near 190 if their posts in the blogosphere are to be believed. But the charts suggest they may have to put up with a little more pain than expected before the stock finally turns around.  It will be trading 20.7% below its all-time high by then, presumably fully corrected for what promises to be a rollicking bear rally.

Keep in mind when this happens that Apple, the world’s most successful purveyor of overpriced goods, will be more vulnerable than most retailers in the next economic downturn. This means that even iPhone cultists may not be so eager to shell out $800-$1000 every three years for the latest model. And while the company intends to shift its business more toward ‘services’, so will the competition — presumably very aggressively in a recession. This won’t be an ordinary recession when it finally kicks in, either, since the economy will be unwinding ZIRP madness that has pumped just about every asset other than bullion full of gas. As The World’s Most Valuable Company, are Apple shares about to become the bear market’s Hindenburg?