Big reversal day in Apple, up around 2 1/2 percent and over $21 off its low of the day. The positive price action helped to lift the overall stock market (see chart).
The stock was able to close above the 20-day s.m.a., which has been a key support and signal level this year. Though the chart is kind of in no man’s land as it broke through its upward channel, we think the short term risk reward is for the stock to move higher. The line in the sand on the downside is now $660. We reloaded today.
(click here if charts are not observable)