Thu, Jun 13 2024 4:11 PM EDT
Apple shares catch a tailwind and reach a ‘golden cross’
After a lackluster start to the year compared to other big tech stocks, Apple (AAPL) is finally catching some uptrend. The tech giant is now flaunting a “golden cross,” a chart pattern where the stock’s 50-day moving average crosses above an ascending 200-day moving average. This pattern is often seen as a sign of strong momentum and a potential indicator of more gains ahead.
But here’s the thing: History tells us that Apple’s golden crosses are a mixed bag. Since the “iPod era” (remember that game-changer from 2001?), AAPL has shown have been six golden crosses. Of those six occurrences, the stock has been negative over the following week five times, with an average dip of nearly 4%. Over a month, it’s been in the red three out of six times, giving you a 50/50 shot at losing money, with an average loss of 0.7%.
But don’t despair, Apple bulls! Looking at the long game, four out of those six golden crosses saw the stock in the green a year later, boasting an average gain of more than 20%. So, while the short term might be a bit of a rollercoaster, the long-term outlook is much rosier.
—Nick Wells
Thu, Jun 13 2024 4:10 PM EDT
S&P, Nasdaq rally to yet another closing record
The S&P 500 and Nasdaq Composite rose to yet another closing record on Thursday afternoon.
The broad market index added 0.23% to settle at 5,433.74, while the tech-heavy Nasdaq gained 0.34% to finish at 17,667.56. On the other…
