Read More : Microsoft at 52-week High: What’s the Fuss?

Apparently, someone forgot to tell the market that Microsoft Corporation (NASDAQ/MSFT) was a dead investment and not worth buying.

Following a lackluster launch of its “Surface” tablet and “Windows 8” operating system, Microsoft quietly moved to a new 52-week high of $32.84 last Thursday.

With capital shifting into the perceived safety of blue chips and large-cap stocks, small-caps and technology stocks have been declining on the charts.Given the advance so far this year in the equities market, it’s understandable to expect some hesitancy.

Last analysis expected price to move lower with an increase in momentum. This is not what has happened. Price moved higher past the first invalidation point on the hourly chart, but has remained below the second invalidation point and within the parallel channel on the daily chart.

The wave count is mostly the same. I am still expecting that an increase in downwards momentum with new lows is likely over the next few days for Apple.

Click on the charts below to enlarge.

http://www.investmentcontrarians.com/stock-market/who-will-be-the-long-term-winner-in-the-smartphone-market/1464/

By Sasha Cekerevac for Investment Contrarians