An Apple A Day….
Apple as they say is basically a proxy for the Nasdaq, as it represents the tech heavy benchmarks largest holding. Innovation may have left the company long ago after Steve Jobs passing, but Tim Cook has navigated the company well since his void. The chart below of the name, now out of bear market mode lower by 17% off its most recent all time highs, shows the way it never ventured to far beneath its upward sloping 50 day SMA. A bearish engulfing candle on 9/2 at all time highs, put the stock on a downward trajectory to the tune of nearly 35 handles in less than one month. It came ever so close to pulling back toward the very round par figure, and pulled right back into the body of the 7/31 session when it jumped more than 10% after announcing it would be undergoing its 5th split in its history, on 9/21. Bulls want to witness more than just one CLOSE above its 50 day SMA, but a nice double bottom pattern is now setting up. Perhaps it will be looking to recapture its status soon as it was the first name to cross the $2 trillion dollar market cap (GOOGL is now back below $1 trillion).