Simply put time is running out for the bulls, the failure to move back above 130 is a problem, it supports an earlier idea I was working and that a peak could well be in place for AAPL at 134.55. The bulls need to see some buyers and push it back above 130 very quickly or I think with the way the rest of the markets are looking we could see much more downside from current levels especially, if we see a sustained break of support on the other tech indexes such as the NDX, COMPQ and AAPL.

If the current COMPQ idea is correct and we are going to see a large decline, I doubt AAPL holds up much longer. A strong decline under 125 will help the bearish case, so it’s up to the bulls now to stand and fight or run away and rollover and play dead as the bears take over. Either idea suggests a larger decline is likely close by.

Until next time,
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