Shares of Apple Inc (AAPL) are bouncing today with the rest of the stock market. However, today’s bounce is week relative to the other mega tech plays and the market. The NASDAQ 100 is +4.7%, Microsoft (MSFT) is +5.25%, Facebook (FB) +8.20%, Amazon.com +6.22% and Alphabet (GOOGL) +6.15%. Apple on the other hand is just +4.10%. This is a bad sign for a stock that used to lead the markets.
On a technical basis, the chart also looks bearish. The bounce today on Apple took it back up to the 20 moving average (daily) as well as the 50 moving averages (daily). The fact that it has not gotten above the key moving averages like other big tech names has, is very bearish. Look for Apple to trade back lower. There is a wedge pattern that price is stuck in. Should Apple break below $108.00, look for a major move to $91.00. The only shot up upside Apple has is if it can climb above $118.00.
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