Apple has been respecting a multi-week falling resistance line (red).
After the huge drop on August 24th, AAPL has been honoring a multi-day rising support line (green).
These two lines are about to meet, forcing AAPL to breakout of the triangle (up or down) during Monday's trading session. Because of AAPL's huge market cap and trading volume, this will likely also force SPY and QQQ to react in the same direction at the same time.
I am leaning towards AAPL breaking downward because:
1) There is also resistance from the blue horizontal line.
2) AAPL has retraced 50% of the distance from peak to bottom, so it is ready for another drop.
After the huge drop on August 24th, AAPL has been honoring a multi-day rising support line (green).
These two lines are about to meet, forcing AAPL to breakout of the triangle (up or down) during Monday's trading session. Because of AAPL's huge market cap and trading volume, this will likely also force SPY and QQQ to react in the same direction at the same time.
I am leaning towards AAPL breaking downward because:
1) There is also resistance from the blue horizontal line.
2) AAPL has retraced 50% of the distance from peak to bottom, so it is ready for another drop.
