Another good day for Apple.
It spent all but the first half hour of trading in the green today, broke its downtrend line, is now firmly above it 8 and 21-day exponential moving average, and generated a bullish MACD cross-over buy signal. This, at the same time Google and Amazon are rolling over.
We sense those lagging in performance may look to Apple to generate alpha and try to catch up with their benchmarks, especially if the market continues to grind without any significant correction. The market also expects a significant boost in Apple’s dividend, which could take its yield up to 3.50-4.0 percent. So there is a short-term catalyst to continue to move the stock higher.
Next upside is the 50-day at 465. Maybe tomorrow.
Could be wrong. Always with a stop.
(click here if charts are not observable)