Years ago, we wrote a piece for Minyanville.com covering a pattern we identified in AAPL shares and the major indices. Paraphrasing - AAPL runs up into and slightly past their earnings date and then pulls back a great majority of the time. Obviously, this action leads the market up and then down - which is never more likely than now given AAPL's increased market capitalization and influence on the indices.

The chart above shoes AAPL touching the upper edge of the long-term uptrend channel today. The median uptrend line comes in at around $340 while the "wave 4" support would come in at $370.

So, let's make it official - we're calling for a top in AAPL and the market - for now - today and are expecting a pullback of 15% - 20-% in AAPL and a corresponding dip in the NASDAQ and S&P. Honestly, the action outside of FAANG + MSFT and perhaps the cloud stocks and TSLA hasn't been nearly as bullish as those leadership areas. A pullback in leadership should not be surprising to anyone at this point. But, the technical evidence on AAPL's chart above is pretty compelling from our viewpoint.

Be well!