AAPL Failed Right Out The Gate

...and triggered sell-stops galore below $92:

There is a lot of technical damage on the longer term charts too as it breaks below support:

History is usually not kind to those buying the falling knife. It needs to make a better and more firm bottom before the odds tilt in one's favor for an entry.

AAPL - Is Apple Ready To Bounce?

Since the collapse in the price after earnings, shares seem to have a found a temporary floor at $93, with each attempt to bring it lower resulting in a fight back above that line. Here's the bigger picture:

And zoomed in on the past few weeks' price action, we can see that the floor may have been reached in the short term, and is perhaps aiming to make a move back higher:

Now you just have to be careful of a failed breakout.

There It Is

There's that bounce, confirmed by the neckline breakout:

Counter Sentiment Thoughts

I think it's interesting how so many articles I see continually mention how the broad based sentiment indicators are always wrong, that if everyone is bearish, the market must rise. It happens to work a lot.

But just over the past 24 hours, I have seen three articles, all saying there's a rally due to happen now that markets have pulled back. Taking the counter-sentiment standpoint, that makes me uneasy. Just as they like to say when everyone is bearish, be bullish, these writers themselves are now collectively bullish, which is problematic to me. They are all counting on the market bouncing off the 50 day moving average and having that continue on to resume the march back to the highs.

And now that we're seeing the market action this Monday, I'm not seeing that bounce. And when markets don't behave like they're supposed to, that usually doesn't bode well for the short term.