Steve Jobs resigns last evening. The weekly chart shows the negative divergence spank downs in May 2010, May 2011 and now, July-August 2011. The mid 2010 spank down led to a sideways consolidation thru 240-280. The chart was breaking down but Chairman Bernanke delivered QE2 in August 2010 and the markets catapulted skyward. The red circles show that the oomph created further upside targets. The pink lines represent a significant top for Apple and the negative divergence smacked it south. Projection is sideways to sideways down moving forward. Initial support target is the 20 week MA at 352, then the horizontal support at 320 as the year moves along. Apple is owned by virtually everyone so this reinforces a lot of sideways movement going forward. 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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