“Apple Inc.’s stock is on track to open Wednesday with a bearish ‘death cross’ pattern hanging over it for the first time since December 2012,” Tomi Kilgore reports for MarketWatch.
“The 50-day moving average is set to open at $121.2497 on Tuesday, according to FactSet, crossing below the 200-day moving average, which is at $121.5105,” Kilgore reports. “Many chart watchers view a ‘death cross’ as marking the point where a short-term decline turns into a long-term downtrend.”
“The last time it appeared as the 200-day was declining was Sept. 23, 2008, when the stock closed at $18.12 on a split-adjusted basis,” Kilgore reports. “The stock didn’t bottom until Jan. 20, 2009 at $11.17, a decline of 38%.”
Read more in the full article here.
MacDailyNews Take: Ooh, scary. 😉