AAPL

Think AAPL is about to have a big win or lose battle here.... currently in a pretty important supply zone that I think can really have a major impact. If zone rejects, can be a pretty decent slide down. If it gets through, it also has to contend with 304 which was set back in February during the sell off.

A break above 304 can give it a really good chance to gap fill up to 313 and also be an extremely bullish indicator.

This is getting down to one of those end of day things to watch as the closing price becomes evermore important.

At end of day, with overall market health and what price action is doing, there might be potential to enter a short. If it hadn’t broke the recent high the other day of 299, I’d put more risk into whatever trade I make. Because of it breaking above 299, kind of throws some doubt as this is the second time in this supply zone. If price and momentum begin to fade with some divergence, I’m looking for a small short.

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Reviewing the chart today and with my bias I think the overall market has further downside, I entered a short position (put spread on this one) as looking at the wave count, I think we are ending wave 5 with a diagonal. With some divergence on the accumulation / distribution I don't think Apple has enough gas to go for the gap fill.

Tight stop on this one at $304 -- in case it goes against me, I don't want the full brunt of taking a gap fill price jump up!