Apple (AAPL)

What got us here.

how it looks now.. Readers will now see a head and shoulders pattern forming that's not complete just yet. This is bearish and is currently coupled with a bearishly postured daily MACD. How bearish? I don't know because we do not yet have a neckline. This morning's pop amid a weak tape might seem encouraging, but it also may just be the right shoulder filling out. I would look for a major test at the 50-day SMA ($213) and if that fails the breakout area from early June which may coincide at that time with the 200-day SMA could present as a truly interesting opportunity to get long or get longer these shares. Of course, I am talking about a 14% discount on a day that the shares are up, but that is what the chart is telling me. I had options positions earlier today. I am flat now.