Today’s Chart of the Day was shared by Brian Shannon (@alphatrends). It's a chart of Apple inc. ($AAPL) in both a daily timeframe (left) and 65-minute timeframe (right). The ball is in Apple's court right now. This is the largest stock in both the S&P 500 and Nasdaq, representing a 7% & 13% weighting respectively. It's been holding up surprisingly well considering it broke out to all-time highs on a relative basis last week. However, Brian points out that after a 16% rebound in four weeks, the stock is running into resistance at the VWAP from the March high around $150. This level also represents the March lows, so it's clearly an important one to watch in the near term. It's going to be much harder for the indices to rebound if we lose Apple.
Chart of the Day - Monday, July 18th, 2022
July 18, 2022
