When the market hangs around an important level of resistance day after day, without breaking out or breaking down, it usually means something important. is in the works. We’ve seen it in the S&P futures, loitering around the 2.618 Fib extension (of the 2007-2009 crash) at 2076.93. 
We’ve seen it in VIX, bouncing repeatedly off a trend line of support dating back to Nov 2017.
And, we’ve seen it in AAPL, one of the poster children of the market’s latest rally and one of my favorite stocks to chart and trade. It has been very, very good to us.
As we discussed the other day [see: Chasing Highs] the broad market has made a habit of disappointing those who blithely chase after each breakout to new all-time highs. Is this also true for AAPL? And, if so, what does it tell us about the broader markets?
We should start with the observation that it has essentially repeated the pattern it exhibited this past May – backtesting the channel from which it broke down a year ago. This, in itself, suggests trouble ahead.
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