July 21, 2011
Above is a 60 minute chart of Apple Inc. (AAPL) and in the lower panel is a 60 minute chart of the S&P500. As you can see both the S&P and AAPL have been moving together making highs and lows at approximately the same time. What interests me about the above chart is that we are now seeing AAPL begin to diverge from what the S&P is doing. Over the past few days the S&P as well as the rest of the major indices have been selling off taking out last month’s lows but AAPL is making a higher low. This is called a bullish divergence and in my opinion AAPL is poised to rally sharply if we can get a bounce in the overall market. On Friday Apple Inc. (AAPL) closed at 343.31 down 2.66 from Thursday’s close.
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