AAPL, daily
AAPL, monthly
Summary
With the first close below the big 200day MA, bears should seek confirmation early next week with at least a few more closes in the 570s or lower. We could drop for a few more days, and even back-test the 200 day MA on any bounce into mid-November.
The bigger target
The monthly chart includes a somewhat recklessly highlighted 'doomer' outlook. Primary target would indeed be the big $500 level - where the 20MA is lurking near.
I can't imagine AAPL trading <500 within the next few months. However, with global economic weakness, I'd certainly seek further downside in the latter half of 2013.
The doomer scenario outlined assumes a great deal, but its just something to keep in mind.
As I highlighted recently, what will be important for the bears is to eventually put in a lower monthly high...just as we did in mid 2008. We all know what came next.
AAPL remains a highly profitable company, but there are continued rumblings of trouble out there.
