- Technical Market Commentary -

August 26, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — A week ago we wrote that shares of Apple, Inc. (NASDAQ: AAPL) likely had lower lows ahead because of a bearish Head and shoulders pattern that had developed. We also wrote: “If shares of Apple close below $245, we would expect that considerably lower lows are ahead. There is initial support at $234.63 and then $224.15.”

On Tuesday, August 24, AAPL closed at $239.93. The head-and-shoulders pattern is complete and pointing much lower. On Wednesday AAPL reversed from just above support at $234.63 and closed at $242.89. AAPL will likely fill the gap created at the open on Tuesday August 24, and could even reach $253.63. But upside should be limited.

AAPL still has several support levels just below. The 50% retracement support for the March to June advance is at $234.63. The 61.8% retracement support is at $224.15. The 200-day moving average is at $231.26 and rising. These various support levels could stop the declines but it is more likely that AAPL has considerably lower lows ahead, possibly a test of the February lows at $190 a share in coming weeks.

(Go to http://www.financialwire.net/2010/04/22/about-kollar/ for more about Mr. Kollar, and go to http://www.financialwire.net/?s=kllrfby+cmmtry for more of Kollar’s commentaries.)

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The FirstAlert(tm) “Money Index” is an indicator of the depth of market direction or indirection. While not always including the same stocks, the combined NYSE, AMEX and NASDAQ 25 most actives and combined NYSE, AMEX and NASDAQ greatest percentage losers and greatest percentage winners (weighted against pure monetary loss/gain) indicate the direction in which the mass of money is flowing, as well as the general focus of the market. Last session’s most actives showed 20 advancers versus 5 decliners. Volume leaders were led by Citigroup, Inc. (NYSE: C) (streaming research for Citigroup available at http://investrend.stocksmart.com/ri/toc?tid=7921), the SPDRS S&P 500 Trust ETF (AMEX: SPY) (streaming research for SPY available at http://investrend.stocksmart.com/ri/toc?tid=34430), Bank of America Corp. (NYSE: BAC) (streaming research for BAC available at http://investrend.stocksmart.com/ri/toc?tid=8456), the PowerShares QQQ Trust ETF (NASDAQ: QQQQ) (streaming research for QQQQ available at http://investrend.stocksmart.com/ri/toc?tid=1044870), the Financial Select Sector SPDRS ETF (AMEX: XLF) (streaming research for XLF available at http://investrend.stocksmart.com/ri/toc?tid=1026233), Microsoft Corp. (NASDAQ: MSFT) (streaming research for MSFT available at http://investrend.stocksmart.com/ri/toc?tid=4652), Cisco Systems, Inc. (NASDAQ: CSCO) (streaming research for CSCO available at http://investrend.stocksmart.com/ri/toc?tid=1723), Intel Corp. (NASDAQ: INTC) (streaming research for INTC available at http://investrend.stocksmart.com/ri/toc?tid=3619) and General Electric Co. (NYSE: GE) (streaming research for GE available at http://investrend.stocksmart.com/ri/toc?tid=8030).

The FirstAlert(tm) Economics Calendar lists Initial Jobless Claims (8:30 a.m. ET), Treasury auctions 7-year notes (1 p.m. ET).

The FirstAlert(tm) Events Calendar showcases APC at the EnerCom Incorporated Oil & Gas Conference (day 5 of 5).

The FirstAlert(tm) Earnings Calendar highlights Air New Zealand, Ltd. (ANZFF.PK) Preliminary 2010 Earnings Release.

FirstAlert(tm) Website of the Day: http://www.paperbackswap.com/help/how_to_swap_books.php

Quote of the Day: "It was not so very long ago that people thought that semiconductors were part-time orchestra leaders and microchips were very, very small snack foods." Geraldine Ferraro

Word of the Day: lupine \ LOO-pahyn \, adjective: 1. Savage; ravenous; predatory. 2. Pertaining to or resembling the wolf. noun: 1. Any of numerous plants belonging to the genus Lupinus, of the legume family.

In context: "Thin as a whippet, she had later reported to her husband, with something canine, or rather lupine, in the face as well, the heavy-lidded eyes intelligent and watchful and pale." — Michael Chabon, The final solution: a story of detection.

(Lupine derives from the Latin lupinus, "of the wolf." The relation between the animal, savagery, and the plant of the same name is unclear.)

Today is: National Dog Day.

Happy Birthday: Christopher Columbus.

Today in History: Mount Krakatoa erupted in 1883.

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