Apple Relief Rally Faces Stiff Resistance
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If Friday's early-session upside reversal attempt in Apple (AAPL) was a headfake, then what are we to make of today's upside reversal effort?
Right now, my overall work is warning me that today's strength may be nothing other than a potent relief rally ahead of another loop to the downside that presses AAPL closer towards a test of 500.
Huge resistance resides between 556 and 562 that will put a lid on this, or any other, rally unless it is accomplanied by a fundamental catalyst.
Otherwise, from my perspective, AAPL must print 564 to confirm that a meaningful low is in place. Any ensuing weakness must hold 542-540 to preserve the integrity of the recovery.
