AAPL. Potential morning doji star formation near support. pic.twitter.com/4m6mixCKFP
— Louis Spector (@EastCoastCharts) May 12, 2022
Today’s Chart of the Day was shared by Louis Spector (@EastCoastCharts). It’s a daily candlestick chart of Apple Inc. ($AAPL) over the past two years. Apple has held up relatively well this year, however, it’s finally starting to cave this week with the stock closing at a six-month low today. Louis points out that its currently testing a crucial level around $135-$140. Keep in mind, that this is the largest stock in both the S&P 500 and the Nasdaq 100. It has a bigger impact on the S&P 500 than the entire Energy sector. The indices are already in a delicate place and do not need another heavyweight breaking down. Will buyers step in at this key level, or, will Apple be the final shoe to drop?