{"id":4558,"date":"2011-04-19T20:45:53","date_gmt":"2011-04-20T00:45:53","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=4558"},"modified":"2011-04-19T20:45:53","modified_gmt":"2011-04-20T00:45:53","slug":"did-apple-start-next-sprint","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2011\/04\/19\/did-apple-start-next-sprint\/","title":{"rendered":"Chart Review: Did Apple Already Start Its Next Sprint Higher?"},"content":{"rendered":"

This is a quick follow-up to my piece three days ago summarizing the pre-earnings technical outlook on Apple (“Apple Teeters On Critical Support Ahead of Earnings\u2026and the Next Sprint Higher?<\/a>“). <\/p>\n

I thought I would be writing this commentary AFTER earnings, but it seems Apple (AAPL) may have already started its next sprint to higher prices. Monday’s knee-jerk selling after the S&P’s warning on U.S. debt caused broad-based declines in stocks. Apple was not spared, but unlike most stocks it fully recovered and even closed higher on the day. This break below support, followed by a rush of strong buying, is what I was trying to anticipate AFTER Apple reported earnings<\/a>. Monday’s selling seems to have done the work a bit early. Tuesday’s buying provides convincing confirmation of the resurgence. <\/p>\n


\n
\"Apple's<\/a>
Apple's 2-day dash may be just the beginning of the next run<\/figcaption><\/figure>
\n<\/center>
\n<\/p>\n

So now, instead of looking for a post-earnings move that resembles the last two days of trading, I am turning my attention to the high likelihood that the last area of support has already received a final stamp of approval. Here is the long-term chart I posted earlier that shows Apple’s tendency over the past two years to move in sprints after churning in place for extended periods:<\/p>\n


\n
\"Apple's<\/a>
Apple's steady march higher has consisted of brief sprints and long rest stops<\/figcaption><\/figure>
\n*All charts created using TeleChart:<\/strong> <\/a>
\n<\/center>
\n<\/p>\n

To be clear and to clarify, I am not trying to anticipate the content of the earnings announcement. Instead, I am thinking through how the stock might respond if the announcement provides any excuse to sell the stock. (As I have mentioned a few times before, I think investors and traders will be unforgiving this earnings cycle in their initial responses to earnings announcements with any blemishes).<\/p>\n

Be careful out there!<\/p>\n

Full disclosure: no positions<\/p>\n","protected":false},"excerpt":{"rendered":"

This is a quick follow-up to my piece three days ago summarizing the pre-earnings technical outlook on Apple (“Apple Teeters On Critical Support Ahead of Earnings\u2026and the Next Sprint Higher?“). I thought I would be writing this commentary AFTER earnings, but it seems Apple (AAPL) may have already started its next sprint to higher prices. … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[483,219,511,62],"tags":[250,534,1597],"class_list":["post-4558","post","type-post","status-publish","format-standard","hentry","category-breakdown","category-high-tech","category-support","category-technical-analysis","tag-aapl","tag-apple-inc","tag-technical-analysis"],"yoast_head":"\nChart Review: Did Apple Already Start Its Next Sprint Higher? - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2011\/04\/19\/did-apple-start-next-sprint\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chart Review: Did Apple Already Start Its Next Sprint Higher? - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"This is a quick follow-up to my piece three days ago summarizing the pre-earnings technical outlook on Apple (“Apple Teeters On Critical Support Ahead of Earnings\u2026and the Next Sprint Higher?“). 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