Important Tests For Important Stocks

As we wait for the broader indices to do a little fine tuning, it’s worth taking a quick look at some of the more bearish developments that probably weren’t part of the script.

First, AAPL broke down below its SMA200 yesterday to tag our 182.85 target. This, in addition to the channel breakdown, leaves it in a very precarious position. Only a single channel line stands in between it and another big drop. The only bounce which could save it at this point would be all the way back up past 193.

Then there’s BA, whichh tagged our 337.46 target yesterday. This tested a very important trend line from Feb 11 2016 which, if broken, would open the door to a critically important test at 325.There other individual stocks worth watching. But, these are the two which deserve special scrutiny.