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Apple breaks low of the week, levels to watch

The shares have broken the low of the week which was at $587.70 and is now resistance. Support is at $580.80. In previous notes since Apple's earnings, I pointed out that the 10-month moving average would need to be watched. The 10-month is a proxy for the 3-year uptrend line in place since the lows of 2009. This moving average has now been broken on the downside, and was last at $601.25. If price remains below this moving average, it will be a warning that even the long-term uptrend in the stock has been broken.