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The highs of 1983 and 1987 impacted Apple almost 30-years later. If you tie those highs together and create a resistance line into the future, that line stopped Apple on a dime last year at (1) in the chart below.
If you create a parallel line of the 30-year resistance, it now comes into play at (2) below, as Apple is attempting to break this important line. This is a monthly chart and the end of the month is a long way away! To get back above this important resistance line, Apple needs to close above $448 at the end of this month. If not, this support line will have been taken out.
The next parallel support line price point for Apple comes into play around $200 per share.
What happens with Apple becomes all the more important for the Nasdaq 100 below, which may have created a near perfect technical Head & Shoulders topping pattern.
Apple needs to hold here and get back above the $448 resistance level or it could pull both the Nasdaq 100 and S&P 500 lower, which would increase the odds that an important top is in.
Can Ben's QE to infinity and beyond solve Apple's challenges at this 30-year line? Don't overlook what selling pressure in Apple and the Nasdaq 100 could do to key market indexes despite Ben's monetary policy!
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