Tuesday, September 21, 2010

Apple Continues With All-Time Highs! (Charts) *Closes at $283.77*


Apple iPad Was Launched in China on Friday, September 17

Apple Continues With All-Time Highs!

AAPL Two days so far this week and two all-time closing  highs! Apple closed at yet another all-time high of $283.77 today, Tuesday, September 21, 2010. Apple previously set an all-time closing high yesterday, Monday, at $283.23. AAPL is up +3.05% for the week, up +16.73% for the month, up +34.66% for the year, and up an amazing +241.44% since the March 9, 2009 market bottom. This equates to +$8.40 for the week, +$40.67 for the month, +$73.04 for the year, and an incredible +$200.66 since the March 9, 2009 market bottom!

S&P 500 By comparison, the overall market, the S&P 500, SPX, closed Tuesday, September 21 at 1139.78 and is up +1.26% for the week, up +8.62% for the month, now up +2.21% for the year, and up +68.47% since the March 9, 2009 market bottom. In addition, SPX is down -6.37% 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 during this September Rally.

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, 2010 YTD & All Time High, September 21: $283.77
2010 YTD Low, February 4: $192.05
YE December 31, 2009: $210.73

Resistance AAPL has risen to yet another YTD and all-time high of 283.77, 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 benchmark support is the prior intraday high of 279.01 on June 21 (the highest yellow horizontal line). Just below is the is the prior all-time high which was 274.07 on June 18 (the lowest yellow horizontal line). 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 50 day simple moving average (256.76) and the 100d sma (256.51) were previously both important resistance, and support, 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 is sharply ascending and crossed above both the 50d and 100d sma's today, September 21. The 25d is well above the 200d sma. The 50d sma is also ascending and crossed above the 100d sma today, September 21 - reversing the August 31 Death Cross. The 50d sma continues well above 200d sma. The 100d sma has began to slightly ascend and is well above the 200d sma. 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 12 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 = 95.20 continues overbought, astronomicaly high, and just below the 2010 YTD and multi-year high of 97.49 set on September 16. This is well above the 2010 YTD low of 21.49 on August 24. The RSI 28 day = 71.61 is now overbought, ascending, yet still below the YTD peaks of 84.63 and 83.79 on April 5 and April 23, respectively. This is still well 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 now entering the overbought range. Apparently additional all-time highs could be reached for AAPL before a pullback and consolidation.

MACD (12,26,9) The MACD = +3.10 and flipped to bullish on September 2 after being bearish since August 11. The MACD had  uptrended since August 26 (15 consecutive trading days) before  pulling back slightly on September 17 but is now uptrending again. The September 21 MACD of +3.10 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 was 23.9M today, Tuesday, September 21. This is the fourth consecutive day volume has been greater than 20M shares. Previously the largest, recent daily volume was on 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, 23.3M, 22.7M, 23.5M, and 23.9M. The 20 day moving average is approximately 18.2M. Volume had been decreasing for AAPL since 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 at an all-time high, in uncharted terriroty, and no resistance above.

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 lines, 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, 239.49, which is the long-term bull or bear market signal. AAPL is now well above at the 283.77 close today, September 21.

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