I offer this view of AAPL to complement the menacingly bullish look of last week’s short squeeze in the E-Mini S&Ps. Together, the two charts cannot fail to tell us whether new all-time highs are coming. Although both need more upside to make this bet and D=172.05 a lock-up, AAPL’s thrust through p=161.08 on Friday strongly implies it won’t be a problem getting to at least p2=166.50. That will generate a strong enough impulse leg on the daily chart to put permabears’ fond vision of global ruin in jeopardy. Trade the stock with a bullish bias for now, but you’ll need to tune to the chat room or your email ‘Notifications’ to exploit this lamb chop with Hidden Pivot voodoo. [Note: I have revised my numbers to accord with the chart. I am not sure what planet my brain was on when I typed the original numbers.] _______ UPDATE (Mar 24, 12:59 a.m.): AAPL spent most of the day diddling the 172.05 target before relapsing in the final hour. It took two months to get there, so we should expect a pullback that lasts for more than just a few days. Anything less would be quite bullish, but we’ll let the stock decide this rather than speculate. ______ UPDATE (Mar 24, 10:40 p.m.): AAPL’s take-no-prisoners institutional handlers took all of one day to push the stock past a daunting Hidden Pivot resistance at 172.05, signaling a continuation of the uptrend to at least p2=182.86. I’ve altered the point ‘A’ low, slightly lowering the ‘D’ target to 193.78.
AAPL – Apple Computer (Last:174.10)
