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SSS - Follow-up on Apple (AAPL) at the Close on 1/15/13

Apple (AAPL) closed below the 486.63 low of mid-February as it attempted to undercut and rally a couple of times during the day, but to no avail. The low in mid-February was a one-day low, so its not clear just how much "support" lies at that price level. The chart below tells the whole story - a big-volume downside "breakout" through the neckline in a head and shoulders topping formation, no matter how you want to draw it. This is fairly textbook, as the neckline now becomes your maximum trailing stop on the upside, although one can devise a trailing stop level of their own depending on one's risk and trading preferences.


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