Update on Apple

With the Apple event taking place, let's update our shorter-term analysis of the stock we have been profiling in recent weeks. Currently, AAPL is piggybacking the Dow higher today, leading the major averages as the new kid on the block in stodgy Dow. 

On the hourly chart, below, we can see price threatening an upside breakout from a pattern which morphed into a falling channel or wedge. 

I still view $130.30 above as being a critical level to watch for active traders in the name, with $128.30 and $126.60 the levels of interest, below. 

As long as AAPL garners interests from buyers, it is tough to see the Dow and QQQ taking big hits, even though plenty of marquee names in the Nasdaq are lagging noticeably today. 

Specifically, that is why I am opting for individual shorts, in lieu of macro shorts at this point on the Q's or other major averages. 

Thus far, that strategy is working and I will stick with it until it does not, or until Apple succumbs and the major averages do, too.