The key word, of course, is hope. Even if the vaccine works, we don’t know how quickly the economy may return to its previous pace.
But for a tech stock like Apple there are things we know. We know the new iPhones are getting orders. (Just look at Qualcomm’s numbers.) We know Tim Cook just unveiled some powerful new Macs with in-house semiconductors. And we know that Big Tech has been the backbone of this market all year.
We also know that AAPL has gone nowhere for almost three months. (Its current price is comparable with August 20-21.)
This chart shows a falling trendline along the peaks of September 2 and October 13. AAPL’s been fighting it since November 5 and is trying to break it today. The stock has also pressed into a tight range, seen here in the squeeze.
Third, in addition to the trendline, AAPL is fighting back above its 50-day ( ), plus its 8- and 21-day exponentials (EMAs).
Finally, has turned positive again.
Is the longer-term bull trend in big-cap tech going to return? We’re not sure. But if any stock is going to tell us, it will probably be AAPL .
TradeStation is a pioneer in the trading industry, providing access to stocks, options, and cryptocurrencies. See our Overview for more.