On 4/13 the Power of the Pattern reflected that Apple had broke support of a very steep rising channel (see post here) and was up against a 30-year resistance line. Last week, the day after Apple announced its earnings, it rallied over $50 per share.
What has happened to that rally since last week? The majority of it is down the drain!
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Despite the rally, Apple did not take out the 30-year resistance line and the Nasdaq 100 continues to hit its head on key resistance at the above chart. Below the Power of the Pattern reflected that this resistance could be very painful in the chart below, first published on 3/15 (see post here)
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The more Apple and the NDX 100 struggle to get past this resistance the more important it becomes! This resitance was a great place to harvest long positions and it remains a great place for those to enter positions to score on defense if very aggressive.
