Apple’s stock (AAPL) is breaking out above its October highs. This is certainly a near-term positive for the stock and the broader market.
AAPL is likely to make further near-term upside to challenge its all-time highs over the next 2-3 weeks before we see any kind of stalling out.
The fact that Apple (AAPL) exceeded not only December, but also October peaks is a real structural positive. Demark’s counter-trend tools remain early by at least a week to suggest any kind of turn. Thus, this bounce looks to extend. And given AAPL’s dominance in the major stock market indices and ETF’s, it should help the market over the near-term.
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Twitter: @MarkNewtonCMT
Author has positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
