AAPL Slice

Sometimes I feel I've got to run away
I've got to get away
From the pain you drive into the heart of me
--Soft Cell

Hard not to keep half an eye on AAPL as it continues to trace what appears a head and shoulders topping pattern.

After last week's +$50 gap on its blowout earnings report, the stock has been giving it all back as it 'fills the gap.' Now it's just about sitting on its 50 day MA. Would think many technician types would view a second piercing of the 50 day as an ominous sign.

Today's forming 'graveyard doji' candle adds extra flair.

As noted in previous posts, I've been watching AAPL as a tell for overall equity market direction. Thus far, major indexes have largely shrugged off AAPL weakness. In fact, the Dow marked a 4 year high today on a better than expected ISM number.

Whether that divergence continues will be interesting to observe.

position in SPX