Steve Jobs resigns last evening. Daily chart shows the run-up from Chairman Bernanke's QE2 announcement in August-September 2010. Price action topped and rolled over in February creating a channel of lower lows and lower highs into June 2011. Note the channel breakout as the fireworks sparkled on July 4th; 345 will serve as critical support on the way back down. This is also the 200 day MA so in light of Steve's announcement, watch 343-345 closely today. Failure would lead to 320-325. The June-July move is extremely powerful and helps to sustain strong underlying strength that will take time to work off. The chart favors a lot of sideways action moving forward. Projection is sideways to sideways down thru the 320-365 zone as the year moves along. This information is for educational and entertainment purposes only. Do not trade based on this information. Consult your financial advisor before making any investment decision.
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