Is Apple not leading the pack any more?
- Long-term habit of leading the pack higher seems to be finished
- Apple has broken out of a rising wedge pattern
- Short-term trend for the stock is bearish
- Downtrend on the daily chart with lower lows and lower highs
By Kim Cramer Larsson
The all-time high that Apple recorded on the first day of September occurred while RSI and MACD indicated divergence and the price action has formed a rising wedge-like pattern (two blue rising trend lines) that it seems to have broken out of bearishly.
If not, expect the bears to try to close the gap from August. If they succeed then the 150 area would be the next support. For the bearish picture to be demolished a close above 164 is needed.