A New Gauge of the Consumer

In the coming years I suspect iPhone sales will only become more significant in terms of being an economic bellwether, among the many we have seen. 

Today, into a flattish tape we have AAPL off by more than 3% on news of struggling iPhone 6s demand. 

More importantly, the weekly chart, below, shows the widely-owned and widely-loved stock was struggling long before the 6s news came to the forefront. I still view the highlighted pattern as potentially representing a massive topping pattern, with another move below $105 likely setting it in motion. 

Beyond that, the recent move over $120 did not hold, and if buyers fail to break and hold back over that level by the end of this week it should add credence to the technical bear case. 

Meanwhile, BBRY, the other fruit cell phone maker, is also coming in hard off after rallying to overbought in a correction--Still a damaged chart, indeed.

On the other side of the tape, GE looks to be still be benefiting from some of the rotation into industrials of late.