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Apple Breaking Support, Nasdaq At Dot-Com Highs

Published 08/04/2015, 11:28 AM
Updated 07/09/2023, 06:31 AM

Nasdaq (L), Apple

The left chart looks at the NASDAQ Composite index during the last 20 years.

Currently the index is back at the same price it was at during the Dot-Com highs. In the midst of an uptrend,(above support and moving averages) the Nasdaq is attempting a “continuation of trend breakout” at this time. If the index achieves a breakout above the 2000 levels, it would be viewed as a bullish continuation event.

The right chart looks at Apple (NASDAQ:AAPL) over the past 5 years. For the last 6 months, Apple has struggled to get above the $133 level. From a very short-term perspective, a short-term support line could be giving way to a bearish rising wedge.

Since Apple is the world's largest company, it can have a large influence on the Nasdaq. What Apple does from here on a short-term basis could have a good deal to do with the index breaking above the 2000 highs. Or perhaps not.

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