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AAPL: Two Pullbacks ComparedApple has been climbing for months, from the low-$270s to a recent high near $331, and that uptrend has taken a few breathers along the way. Two of them stand out on the 210-minute chart, and putting them side by side says something about the one happening right now.
Pullback #2 (blue box): a drop from 320.84 to 312.84, about -2.5%, over a handful of bars. It held above the rising trendline that had been supporting each dip since the low-$300s, and price resumed higher within days.
Pullback #3 (orange box), the current one: a drop from 330.81 to 311.49, about -5.8%, more than double the size. And this time price didn't just touch the rising floor, it sliced clean through it, something neither prior dip in this leg did.
Side by side, the difference isn't just depth, it's character. A shallow pullback that respects trend support reads as healthy digestion. A deep one that breaks it is either the start of a real correction, or a shakeout before the next leg, and the chart alone can't tell you which. What it can tell you: 311-312 is now the level to watch. Reclaiming the broken trendline (back above roughly 318) would put pullback #3 back in the same 'healthy dip' bucket as #2. Continued weakness below 311.49 would confirm this pullback really is different in kind, not just size.
No position stated here, no certainty claimed, just a comparison worth sitting with. Markets don't repeat exactly, but they do rhyme, and this is a case where the rhyme just broke. 
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What These Two Charts Can Tell Us About SpaceXElon Musk's space-and-technology firm SpaceX NASDAQ:SPCX went public in June at $135 a share, shot up as much as 67% to a $225.64 high since then, then fell to as low as $104.83 -- 22.3% below its IPO price. Some people will say that SpaceX hasn't been publicly trading long enough to produce a meaningful chart, but let's check out what we have so far.
SpaceX's Fundamental Analysis
SPCX is set to report the firm's fiscal Q3 results in early November, with the Street currently looking for $0.12 in adjusted earnings per share on $12.84 billion of revenue.
Of the 11 sell-side analysts that I know of who cover the stock, none have revised their estimates for the period since first publishing them.
So, there's not much to say about SpaceX's fundamentals. Let's check out the stock's technicals instead.
SpaceX's Technical Analysis
SPCX hasn't been public long enough for its chart to show us intermediate-term items such as 200-day Simple Moving Averages, but can it tell us anything?
Take a look at SpaceX's chart running from its June IPO through late Tuesday morning (Sept. 8):
This looks like a rising-wedge pattern that appears to be closing rather quickly, as denoted by the two black diagonal lines at the chart's right.
Also note the crossover of SpaceX's 50-day Simple Moving Average (the blue line) by the stock's 21-day Exponential Moving Average (the green line).
That's considered a bullish signal, but is less reliable when the blue line is falling (as is the case here).
The wedge's bearish characteristics also likely outweigh the potential for a bullish crossover. Either way, the falling wedge's lower trendline would be the downside pivot in this pattern.
Now, check out the same chart marked with a different technical set-up:
Here, readers will see a potential double-top pattern of bearish reversal developing, with a $130 downside pivot.
Lastly, let's look at SpaceX's other technical indicators in the chart above.
First, there's the stock's Relative Strength Index (the gray line marked "RSI" at the chart's top). Then there's the daily Moving Average Convergence Divergence indicator (the blue bars, black line and gold line marked "MACD" at the chart's bottom).
Both are set up rather bullishly here. That said, we probably can't ignore the rising-wedge and double-top patterns above. Those are two potential signs of bearish reversal ... even if they're still under development.
(Moomoo Technologies Inc. Markets Commentator Stephen "Sarge" Guilfoyle had no position in SPCX at the time of writing this column.)
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AT&T May Have PeakedAT&T rallied sharply in July and August, but some traders may think the telecom giant has peaked.
The first pattern on today’s chart is the April 17 weekly close of $26.51. It marked the top of a range in the spring and prices stalled in the same area last week.
Second, the 50-day simple moving average (SMA) had a “death cross” under the 200-day SMA in May. The 100-day SMA fell under the 200-day SMA in July. The resulting configuration, with faster SMAs under slower ones, may be consistent with a long-term downtrend.
Next, stochastics are dropping from an overbought condition.
Finally, MACD has turned negative.
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