A break <620 would be a major event tomorrow, and would open a fast decline to the 200 day MA @ $574
AAPL, daily
AAPL, monthly
Summary
An interesting market day for the AAPL traders, and the bearish engulfing candle was a major victory for the bears. A break <620 should at least see the big $600 quickly hit, and considering the importance of this support trend, I'd guess its highly probably a fast drop to test of the 200 day MA @ 574 will be tested.
This drop could be a one-day 'major event', and would make for a very nice short-term capitulation floor in the broader market.
The monthly chart
I've added a monthly chart, and it even includes a 'doomer outlook'. Please be clear, that's just an example of what a parallel move from 2007-9 would be.
Its important to keep in mind that AAPL has grown massively as a company since the last market collapse, it now has an even larger customer fan base, and a cash pile that rivals the size of many nation states! AAPL remains 'cheap' relative to the main indexes, and is unquestionably last in the line of individual stocks to be shorting.
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So, lets see if AAPL can break <620 tomorrow..or early next week. As noted, if that happens, then a fast drop to the 200 day looks very feasible. That would give the NASDAQ index an added whack lower (below the important 3000 level), and might help the Sp'500 test the recent cycle low of 1397.
