AAPL has established support at the level that had until recently served as the 2016 high. Will the stock now follow its historical pattern of bullish behavior that comes during the months of October and November?

With Tuesday’s session now in full swing, AAPL sits at $114.93, up by 0.95%. AAPL is enjoying the upbeat investor sentiment along with the broader market, clearly a post Fed-reaction. The Dow is now up by 0.67% while the benchmark S&P 500 index (SPX) has gained 0.68%.

AAPL remains up for the year, showing a gain of 8,95% YTD. Meanwhile, the S&P 500 index is now up by 6.57% on the year.

AAPL looks to be forming a new tight trading range following its recent mini-bull run, with $112.50 now serving as support after previously acting as resistance. Before last week, that was the year’s high, hit back in the middle of April.

As is often the case, previous resistance morphs into current support, and that appears to be the case here as well, at least for the moment.

Meanwhile, short-term resistance right now can be found at $116.13, touched on both last Friday and this Monday.

But the possibility of the stock breaking above that and extending all the way up to last December’s high of $120 remains in the cards, as the seasonal tendency for AAPL is to trend bullish, as consumers often pick up the company’s latest offering, in this case both the iPhone 7 and 7 Plus, in droves leading into the holiday shopping season.

Technically, AAPL has been branded as a screaming buy recently, as a pair of technical indicators converged within a short time frame.

First, the stock saw a bullish moving average crossover, of the 50-day above the 200-day MA, at the start of September. That was followed by a MACD crossover to the bulls just last week. It’s worth noting, for future reference, as both of the signals have proven profitable in the past.

The MACD has now generated its 3rd bearish bar in a row, though the indicator remains crossed to the bulls and the level of the bars fail to show signs of a momentum reversal at this time.

The stock’s PayDayCycle status is now +2, and following a pair of days of red bars, there’s no current cycle in place.

Bottom Line: With the Fed chatter put to rest for the moment, and the equity market riding the bulls to new highs in key indices, a bet on AAPL into November is a trade to consider, with a stop at current support for the conservative, and one at the previous level for the less risk-averse.