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S&P 500
5,732.64
(
-0.01%
)
US TECH 100
19,472.00
(
0.29%
)
Dow Jones
42,016.02
(
-0.46%
)
Brent Oil
74.02
(
-0.72%
)
Bitcoin
63,903.37
(
-0.57%
)
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thetechtrader

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thetechtrader

Re: None

Tuesday, 07/13/2010 11:35:32 AM

Tuesday, July 13, 2010 11:35:32 AM

Post# of 13
Mike Paulenoff notes:

While the major market indices climb, Apple (AAPL) plunges in reaction to continued bad PR about iPhone4 and news this morning from AP (in USA Today) that a Federal Judge has given the OK for a monopoly abuse lawsuit against Apple and AT&T (T). AAPL has declined as much as $10, but the loss has stabilized at $8 for now.

Let's notice that the weakness has been contained above the near-term support line from the May 21 low (231.35), which cuts across the price axis at 245.70. A break of the trendline will argue for a test of critical support at 242.30/00, which if violated has the potential to send AAPL to 210-200 thereafter.

Chartwork at http://www.mptrader.com/middayminute/7/2010/13/
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