With equities seeing some renewed weakness, Apple (AAPL) was back on the slide, settling lower by a somewhat significant -1.2% @ $115.06 (intra low 114.00). Near term outlook is bearish to the 112/110 zone, with broader weakness to 105/100 by mid/late September.
*with the market bouncing into the afternoon, I am SHORT-AAPL from the $115s, seeking an exit in the 112/110 zone within 1-6 trading days.. but will broadly wish to be short AAPL across September to the 105/100 zone.
Suffice to say.. AAPL saw a key break of support a few weeks ago... and having churned around... now looks set to resume lower.. along with the broader market.
To be clear.. I am long term bullish the company, but in pure price terms.. the stock looks headed lower across the month or two.
*I would consider going long-AAPL in late Sept/Oct from the 100/90 zone. The 90s look extremely hard to hit.. but that is what the monthly cycle is offering.