An Apple A Day……
Apple is the lone $2 trillion dollar company, and of the four trillion market cap plays it was the only one to advance Monday. It still trades 14% off most recent all time highs, while the other 3 in GOOGL, MSFT and AMZN are closer to their annual peaks, down 3, 8 and 11% from them. GOOGL in my opinion has the best chart of the quartet, sporting a bull flag with a pivot above the round 1800 number (breakout carries measured move to 2100). AAPL however could bare fruit, pun intended, with a break above 120, in a symmetrical triangle formation (Monday was above 120 for the fifth time in November, but just one CLOSE has been achieved). True to form the stock has been somewhat “dead money” since its fifth split went into effect in early September. Spilts are often viewed as a modest positive, but this has felt heavy for the last 3 months. The 120 number has also been influential on the WEEKLY chart with four of the last seven weeks above the number intraweek, but ZERO CLOSED above. A decisive move above 120 could ignite a powerful break higher from the “sideways digestion”. The stock has recorded very nice runs in recent times advancing 19 of 21 weeks ending between 8/30/19-1/17/20, and 19 of 23 week streak weeks ending between 3/27-8/28.