The Big Apple

Apple continues to be a huge weight in the Nasdaq and derivative ETFs and, accordingly, has helped the Nazzy perform well of late given the stock's near-parabolic move. 

On the daily chart, below, we can see the stock now touching its upper Bollinger Band, indicative of temporary overbought conditions. If this is, truly, the beginning of a sustained leg higher, then the Bollinger analysis will not mean much as the stock could easily "ride along" the upper Band for quite some time, presumably continuing to drag the Nazzy higher despite weakness in FB and TSLA, for example. 

However, if the overbought condition now asserts itself, then shorts who have been patiently waiting to strike may finally take a stab at the likes of SQQQ for a market rug-pull. 

I am watching the close today intently to see if this intraday, mild fade off the upper Band is more than a mere blip on the Big Apple radar.