AAPL has spent the last six days meandering below an external peak at 118.20 that it has yet to exceed. A fleeting pop above it would negate the bearish implications, but until that happens the sideways price action should be regarded as distributive. That means the midpoint pivot at 110.18 is still our minimum downside objective if the stock turns weak, and that it can be bottom-fished with a tight stop-loss if the opportunity arises. A further implication is that with no legitimate, bullish impulse legs on the hourly chart, no upside target can be projected with confidence or precision.
AAPL – Apple Computer (Last:114.97)
