here’s the updated 60 minute chart for AAPL showing a couple of overhead resistance levels (R1 & R2). for anyone who didn’t take profits on the active short trade early today, consider a stop on a solid move about that R2 level. AAPL finished the after-hours session just shy of that R1 level but i do believe that R2 is the more significant level of the two and very well could provide another objective short entry.
however, be careful jumping the gun on entering any new positions tomorrow morning. best to let the dust settle on the AAPL earnings release and see how AAPL, and the market, hold up after the first hour or so of trading. remember, regardless of yet another blow-out quarter for AAPL, the short-term trend in the market still remains down (for now) and the major indexes still have several resistance levels to content with overhead. depending on how the day plays out tomorrow, i might be looking to add back some of the QQQ shorts that i covered today or i might be covering additional shorts. i’ll do my best to post anything that looks compelling.