Apple’s 11-Day Winning Streak Ended Yesterday. What Its Stock Is Doing Today.

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Apple stock had its 11-day winning streak end Wednesday. It’s trying to start a new one today.

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It was quite the rally for Apple stock. Shares of the tech titan rose for 11 consecutive days through March 29, their longest winning streak since 2003. That streak ended on March 30, though it would be hard to find a company-specific reason for the drop. Instead, Apple’s decline could be chalked up to general market weakness after an amazing stretch of returns, one that saw 99% of Nasdaq-100 stocks close above their 20-day moving averages, something that’s happened only four times since 2000.

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It’s hard to ascribe Apple’s winning streak to anything fundamental, unless we count the fact that it is the world’s largest, most dominant corporation as a fundamental reason to buy the stock. Yes, Coda, an Apple+ film, won best picture at the Oscars. And yes, Apple appears to be offering less favorable trade-in deals, a sign, perhaps, of strong demand for its phones. But no piece of news can really explain the stock’s 18.8% rise, its largest since August 2020.

Now, Apple stock is trying to get a new streak going—and perhaps a more meaningful one, at least from a technical perspective. Shares are up 0.3% at $178.33 in premarket trading, and just 2% away from their all-time closing high of $182.01, hit on Jan. 3. Apple is also the S&P 500’s largest stock, so if its shares can meaningfully break out, there’s a good chance the stock market will too.

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Stay tuned.

Write to Ben Levisohn at [email protected]

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Credit: www.marketwatch.com /

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