Thursday, September 16, 2010

Apple at All-Time High! (Charts) *Closes at $276.57*


Apple Closes Above All Resistance

Apple Closes at All-Time High!

AAPL Apple closed at an all-time high of $276.57 today, Thursday, September 16, 2010. AAPL is up +5.00% for the week, up +13.77% for the month, up +31.24% for the year, and up an amazing +232.78% since the March 9, 2009 market bottom. This equates to +$13.16 for the week, +$33.47 for the month, +$65.84 for the year, and an incredible +$193.46 since the March 9, 2009 market bottom! AAPL at the Thursday, September 16 close of $276.57 is up +0.91% and +$2.50 over the previous all-time closing high of $274.07 on June 25.

S&P 500 By comparison, the overall market, the S&P 500, SPX, closed Thursday, September 16 at 1124.66 and is up +1.36% for the week, up +7.18% for the month, now up +0.86% for the year, and up +66.24% since the March 9, 2009 market bottom. In addition, SPX is down -7.61% from the April 23, 2010 YTD closing high of 1217.28. AAPL is outperforming the overall market long-term since the March 9, 2009 market bottom, outperforming the market for 2010, and outperforming the market short-term.

Apple Above All Resistance

AAPL Daily Chart Below is the AAPL daily chart since late April 2010. A monthly chart is included at the bottom of this page for a broader perspective.

Noteworthy Closing Prices on Daily Chart Below
Current Close & All-Time High $276.57
Prior 2010 YTD & All Time High 6-18-10 $274.07 (yellow horizontal line on daily chart below)
2010 YTD Low 2-4-10 $192.05
YE 12-31-09 $210.73

Trading Range AAPL had been in a trading range since June 29 with a top closing price of 264.08 on July 27. AAPL closed above this resistance on Monday, September 13 at 267.04, negating the trading range.

Resistance AAPL has risen to a YTD and all-time high of 276.57, therefore there is no resistance above.

Support Because AAPL is at an all-time high, above the YTD lows, pullbacks, and the recent trading range, there are multiple levels of price support below. The most recent support is now the prior all-time high just surpassed today which is 274.07 on June 18. The next support below is the 273.85 peak occurring on June 21. Important benchmark support is the top of the recent trading range of 264.08 on July 27. The 100 day simple moving average (256.01) and the 50d sma (255.41) which were have been both important resistance and support previously were regained on September 3 and are now far below.

Moving Averages AAPL continues above all the daily simple moving averages on the chart: the 25, 50, 100, and 200. The 25d sma has begun to ascend, is below the 50d and 100d, but should regain the 50d sma soon. The 50d sma is also ascending, crossed below the 100d sma on August 31 - a Death Cross, but should regain the 100d sma soon. The 50d sma continues above the 25d and 200d sma's. The 100d sma has leveled off and is above the 25d, 50d, and 200d sma's. The 200d sma continues to ascend, indicating the overall trend is upwards.

Uptrend Line The yellow uptrend line, a rate of price ascent, is from the January 20, 2009 closing low of 78.20 up through the February 4, 2010 closing low of 192.05. The February 4 closing low has been the bottom for 2010. AAPL dropped below this trendline on August 23, regained it on September 3, and now has been above for 9 consecutive trading days.

Downtrend Line Since AAPL is at an all-time high, there is no downtrend line.

Relative Strength Index (RSI) The RSI 14 day = 97.49 is now overbought and astronomical and a 2010 YTD and multi-year high. This is well above the 2010 YTD low of 21.49 on August 24. The RSI 28 day = 60.13 is reasonable with plenty of upside, well below the YTD peaks of 84.63 and 83.79 on April 5 and April 23, respectively, and above the 2010 YTD low of 38.25 on August 31. The RSI 14 day is being pulled upwards to an extreme while the RSI 28 day is in a reasonable mid-range. Additional all-time highs could be reached for AAPL before a pullback and consolidation.

MACD (12,26,9) The MACD = +2.89 and flipped to bullish on September 2 after being bearish since August 11. The MACD has been up trending since August 26 (15 consecutive trading days). The current MACD is now the 2010 YTD high. The 2010 low was -3.55 on May 7. Previously the highest was on November 4, 2008 at +3.41.

Volume AAPL volume exploded to 23.3M shares today, Thursday, September 16. This was the largest daily volume since September 1 (24.9M), when the Apple Special Event was held by CEO Steve Jobs announcing new iPods, new iTunes, new iOS, and an upgraded Apple TV. Volume has been increasing since Friday, September 13 with total volumes of 13.8M, 13.9M, 14.6M, 15.2M, now 23.3M. The 20 day moving average is approximately 16.9M. Volume had been decreasing for AAPL on July 22, when the 20 day moving average was was approximately 29M! This recent rally is now finally generating a spike in volume.

Conclusion This USA September Stock Market Rally slowly continues upwards with AAPL leading the way. Economic data has been mixed but the uncertainty over the continuation of the USA economic recovery, or at least the rate of recovery is not holding the equity markets, nor Apple, down. This has been an amazing, and unexpected, bull run for AAPL and the stock market. AAPL is close to and may reach the all-time highs of June, before a pullback and consolidation. There is is little resistance above: Enjoy the Ride

AAPL Monthly Chart

Below is the monthly AAPL chart since January 2005. The overall analysis and commentary is the same as for the daily chart above. The current price, the yellow horizontal line, and the yellow uptrend line are the same, and as described, on the daily chart above. The white moving average line is the 10 month exponential moving average, 238.13, which is the long-term bull or bear market signal. AAPL is now well above at the 276.57 close today.

Related Articles and Links
Is Apple Doubling iPad Production? (Video) Apple Digest
They Just Don't Get Apple! (Video) *What is Apple TV?* Apple Digest
Apple iOS Maintains Lead in August 2010 Mobile Web Consumption (Chart) Osprey Flyer
Apple vs. Google in Mobile Advertising (Video) *Who Will Win?* Osprey Flyer
Apple TV vs. Google TV (Video) *Who Will Win?* Osprey Flyer
Steve Jobs Unveils New iPods, iOS, iTunes, TV (Video) Apple Digest
S&P 500 Regains 100 Day Moving Average (Charts) Matrix Markets

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