Using Apple Inc. as a Confirming Indicator

Apple Inc. (AAPL) could be an important confirming indicator of the US stock market.

The daily AAPL chart courtesy of Trading View reveals some interesting details.

  1. AAPL’s all-time high came on the same day 01/04/22 as the S&P 500 (SPX) all- time high.
  2. The subsequent decline was very choppy – the signature of a correction of the main trend.
  3. AAPL’s  January to March decline ended on 03/14/22 the same day the presumed  SPX -Elliott wave – Horizontal Triangle ended.
  4. The move up since 03/14/22 has the look of an Elliott impulse pattern similar to the SPX impulsive looking move up from 03/14/22.

If AAPL can soon make a new all-time high it could be the third wave up of a larger developing five -wave pattern.  If there are  five waves up from the 03/14/22 bottom it could also be indicating an important  peak for the SPX. 

If AAPL fails to make a new high and subsequently breaks below its 03/14/22 bottom it could imply a multi-month move down for AAPL and SPX.

Watch AAPL – it could soon be giving important signals  for the US stock market.

Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Traders.com Advantage, Futuresmag.com, and Finance Magnates.

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