Only a few days ago, I wrote of Apple “As the world’s largest company, I would say that Apple is a very important canary which is worth watching closely. Take note of two things about recent activity: (1) its bullish breakout has completely flopped (2) it is even breaking below its supporting trendline of the right triangle pattern.” When I wrote those words, AAPL had just barely breached its trendline. It is clear that this modest violation presaged a clear-cut failure.
It is not that this particular stock represents some kind of great opportunity in itself, but that, as the world’s largest company, it is an important component of this little farce we’ve all been playing over the past twelve years. The more crucial failure, which hasn’t happened yet, is the overall QQQ, which is still safely within the confines of its own ascending wedge.