Chart of the Day – Thursday, April 11, 2024

Support is spelled S-U-P-P-O-R-T in case you were wondering. $AAPL +3.75% and printing one hell of a hollow candle pic.twitter.com/GU5JgDTFFP

— Grayson Roze (@GraysonRoze) April 11, 2024

Today’s Chart of the Day was shared by Grayson Roze (@GraysonRoze).

• Apple ($AAPL) had its best day in nearly a year today, gaining +4.33%.

• The stock has struggled all year after experiencing a failed breakout in mid-December. It closed at a five-month low yesterday, down -15% from record highs.

• Over the past month, it has been on the verge of a major breakdown, testing crucial support at $167. However, it reversed exactly where it needed to.

The takeaway: The second-largest stock ($AAPL) avoided a major breakdown today by thrusting off support. If $AAPL continues to rebound, it will be very positive for the S&P 500 and Nasdaq.