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AAPL Breaks Down, QQQ Backtest Successful

Following the third divergent top in over 2 years, AAPL (Apple Inc.) has now broken below the secondary uptrend line generated off the April 2014 lows. Should AAPL move lower as expected, it would almost certainly bring the $NDX/QQQ as well as the SPY down with it.

AAPL Trendline Breakdown

AAPL daily June 15th

 

Likewise, the AAPL top-heavy QQQ (Nasdaq 100 Index tracking etf) is moving lower following the successful backtest of the rising wedge pattern. Preferred scenario remains a move down to at least the 100 area in the coming weeks/months.

QQQ daily June 15th

QQQ daily June 15th

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Jun 15, 2015 9:58am|Categories: Equity Market Analysis|Tags: , , |Comments Off on AAPL Breaks Down, QQQ Backtest Successful