Shares of Apple rose 2.99% in Monday trading, with the stock continuing to hold above the widely watched 50-day moving average (DMA), which many on Wall Street view as a intermediate-term trend tracker.
The stock closed just 2.98% above the 50-DMA on Friday, the narrowest spread since April 28. The last time it closed below the 50-DMA, which is currently at $109.21, was April 21.
On Monday, Apple’s 50-DMA was rising by 0.42%, compared with Friday’s 0.39% rise, which was the slightest gain since the 0.37% rise on July 29.
The 50-DMA first started declining post-COVID-19 on Feb. 27, but has been rising every day since it May 6. The post-COVID-19 closing low was on March 23. Meanwhile, the Nasdaq 100’s NDX, 1.72% 50-DMA is also still rising, but the 0.13% on Monday is the smallest rise since May 15; the Dow Jones Industrial Average’s 50-DMA rose Monday by 0.16%, and has been rising every day since May 21.
MacDailyNews Take: As Jim Cramer says, “Don’t trade Apple. Own it.”