Not all of the S&P's component stocks have been participating in the rally. In fact, Apple ( AAPL), its biggest component, has been forming the opposite pattern since last October. But that could be about to change.
Apple's downtrend has been every bit as orderly as the uptrend that the rest of the market has been enjoying. Each test of trend line resistance has sent supply flooding shares and pushed this big name back down into the channel -- until recently, that is. This week, AAPL is testing a breakout above resistance. That could mean an end to the selling in shares of the world's biggest company.