Apple Struggles Despite Bull Market
The S&P 500 has closed above its previous highs for three weeks, potentially confirming a new bull market. But Apple is lagging.
The first pattern on today’s chart is the tech giant's candle on December 14. Prices inched above their July peak but closed slightly below it. AAPL then retreated toward $180 and rebounded to make a lower high in late January.
That kind of action could mean resistance is forming. It’s also slightly below $200, which may suggest a psychological barrier has developed at the “nice round number.”
Other major technology stocks like Nvidia and Microsoft have broken out to new highs. AAPL’s inability to follow may reflect weakening sentiment in the one-time king of market cap.
The lower study highlights this relative weakness by plotting AAPL as a ratio to the S&P 500.
Next, prices are stalling below the 50-day simple moving average. The 8-day exponential moving average (EMA) is also below the 21-day EMA. Those patterns may be consistent with bearishness over the intermediate and shorter terms.
Finally, you have the level around $180. It was the post-gap high in September and became resistance in October. It’s served as support this year. Will investors look for a retest?
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The first pattern on today’s chart is the tech giant's candle on December 14. Prices inched above their July peak but closed slightly below it. AAPL then retreated toward $180 and rebounded to make a lower high in late January.
That kind of action could mean resistance is forming. It’s also slightly below $200, which may suggest a psychological barrier has developed at the “nice round number.”
Other major technology stocks like Nvidia and Microsoft have broken out to new highs. AAPL’s inability to follow may reflect weakening sentiment in the one-time king of market cap.
The lower study highlights this relative weakness by plotting AAPL as a ratio to the S&P 500.
Next, prices are stalling below the 50-day simple moving average. The 8-day exponential moving average (EMA) is also below the 21-day EMA. Those patterns may be consistent with bearishness over the intermediate and shorter terms.
Finally, you have the level around $180. It was the post-gap high in September and became resistance in October. It’s served as support this year. Will investors look for a retest?
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Important Information
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures or cryptocurrencies); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission (“SEC”) and a futures commission merchant licensed with the Commodity Futures Trading Commission (“CFTC”). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association (“NFA”), and a number of exchanges. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services under federal and state money services business/money-transmitter and similar registrations and licenses.
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a member of NFA. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url = tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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