After failing to climb out of its December "bullish" coil pattern above 395.00 yesterday, Apple (AAPL) has plunged in sympathy with the overall market. The stock is quickly approaching a test of its 50% retracement support plateau of the entire prior up-leg from 363.32 to 396.41.

Inability of 380 to contain the weakness will argue for additional pressure into the 376-374 next near-term target zone. If violated this will point to a revisit of the November lows at 366-363.32.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.