As the leader of the band, AAPL’s ascent has been critically important to the broader markets’ performance. It has more than tripled since tagging our 144 target in Dec 2018. So, what does it mean that AAPL reached potentially important resistance yesterday?At the very least, it should help ES backtest its February highs. But, what if AAPL really stumbles as consumer confidence continues to slump?

continued for members…AAPL has reached the .786 line of a huge rising yellow channel dating back to 2000.

The combination of the 2.618 Fib and channel line should result in at least a pause, potentially a backtest of the rising white channel it broke out of last month. The stock has left a string of gaps behind, starting with 473.57 and including 425.66 and 399.82.

It is this last one that intrigues me the most, as it also represents the white 1.618 Fib that should have produced more of a reversal and, if extended out to November, intersects with the rising white channel top.If AAPL continues climbing, the top of the rising yellow channel is currently nearly 700 and rising fast. But, I think we get a pause here. Even a backtest of the 2.24 at 470.75 would represent an 8.8% decline. An 8.8% decline in SPX would put it at 3138.

That’s about where SPX’s rising white channel bottom is over the next few sessions. It has the bonus of being the intersection of the dashed yellow TL connecting the Jan 2018, Sep 2018 and Jul 2019 highs.SPX obviously has some backfilling to do.

If VIX can take a break from its daily dip… …SPX should at least fill its gap at 3399.96.

Working to keep it from doing that: CL and RB.

RB is backtesting its red, dashed TL after breaking back above its SMA200. If it can remain above 1.26, it has a shot at backtesting the yellow TL at 1.325 and potentially closing its gap at 1.384 in the next few days. While CL has broken out of the little red triangle it’s been in since late July and could test its 43.76 highs for a nice headfake before the day is out.

Neither can go too much higher, of course, as the latest inflation data has been problematic for the US and its exploding debt levels.

The more interesting battle is being fought in currencies, where gold is testing that white TL and 2011 highs yet again……as DXY tries to hold its SMA10… …with the help of USDJPY……and, a lack of help from EURUSD – which, remember, failed its breakout the other day.Interesting goings on in the bond market. TNX gapped higher again today.With inflation potentially heating up (even without oil and gas’s help) there seems to be pressure on rates to edge higher. I think this will ultimately reverse (probably sharply) as we near early November, but for now we have to acknowledge the potential for the 2s10s to widen even further.Remember…while a breakdown in the 2s10s is bearish for equities, a breakout is very bearish.  Don’t look now, but 2s10s is approaching its third breakout (red TL twice and white TL) in two weeks’ time.UPDATE:  1:45 PM

UPDATE:  3:45 PM

Going into the close with a potential falling channel in place. In addition to AAPL’s (modest so far) reversal…

…note that AMZN has yet to break out.