NASDAQ:AAPL   Apple Inc
AAPL seems to have been one of the main catalysts in yesterday's surprise market dump. AAPL has been trading in a bullish channel since April, going from the mid-230s to almost 400. Along the RSI, AAPL has lately been a little overbought but maintaining well. That changed today when a panic sell forced it tumbling, wiping out almost the entire month's gains. The RSI being as high as it was, along with the MACD crossing below the signal line may have also provided some reasoning for shareholders to sell aside from news impacting the overall market. Additionally, after today's close, the ADX has begun to move downward. When the ADX is above 20, it indicates that the stock is forming a trend (typically as the ADX moves up the stock is in an uptrend). As we can see in AAPL's case, it is now starting to move down. This tells us the AAPL's trend may be starting to lose its strength and begin a downtrend before possibly falling back under 20 and having no trend at all. Should the indicators continue to keep at the rate they are, AAPL should look to consolidate and possibly move further down. However, earnings for AAPL's ER is just around the corner, and some further volatility may be in store.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.