Rotten Core:

An apple a day is certainly not keeping the bears away. This name carries great influence over many benchmarks, more so the Nasdaq and S&P 500, than the Dow that is PRICE weighted so has less of an impact. The stock is now 28% off the most recent 52-week highs which occurred on 1/4. It is on a current 4-week losing streak with last week dropping 5.4%. Distribution has reared its ugly head this year and started earlier with the bearish dark cloud cover WEEKLY candle the week ending 12/17/21 that slipped 4.6% in the largest WEEKLY volume since the week ending 10/16/20. The stock is lower 12 of the last 18 weeks since a bearish gravestone WEEKLY candle ending 8/19 that ended a 6-week winning streak, all on below-average WEEKLY volume. On a shorter-term daily chart, the last 5 sessions all have CLOSED at or well into the lows for the daily range. There is a case for AAPL to trade to the very round par number with Monday’s break below a descending triangle.

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