Apple staged a dramatic reversal yesterday. The technical term is an Apple topping tail. This is a bearish reversal sign. Yesterday, the NASDAQ staged one of the most dramatic reversals in modern history. In fact, the NASDAQ was up by more than 2% and reverse to that degree was March 2000. The NASDAQ fell 75% over the next year. Just food for thought. Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL) and Amazon (AMZN) are all $1 trillion market cap companies and control the NASDAQ to the tune of a 50% weighting. In fact, the combined market cap of those four stocks is greater than the GDP of Germany and France combined.
With the topping tail firmly in place with the Apple topping tail. Technical analysis says a top is in until proven otherwise. In other words, be short Apple for the foreseeable future unless it closes above the topping tail (all-time high) of $399.82. Note how the reversal yesterday came at the $400 even number. The downside target on Apple Inc. is the previous all-time high from early 2020 at $327.00. Note the stock chart below.
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