Some stocks just have the ability to make or break the market. At this crucial moment, Apple is trying to do something that may stun the stock market. After moving sideways for quite a while, Apple is making same highs but higher lows.
Some may recognize this as an ascending triangle.
Since its a daily chart we do not know how long it will take to break out. But the stock is fast approaching an apex point. Therefore, it will either breakout or breakdown.
Since Apple is in an uptrend, the bias is towards a bullish break out. The rising 50 MA also gives us a reason to be bullish bias.
If Apple break out of this ascending triangle, the US stock market will explode even higher. All 3 major indexes, the S&P 500, the Dow Jones Industrial Average and the Nasdaq Composite Index will shoot up higher.
That's because Apple is a seriously big and important component of these 3 main indexes. It is also the world's biggest company by market cap.
Apple's tentacles reaches far and wide around the world. With many company's bread and butter depending on it. Therefore, if Apple breaks out of the ascending triangle, many tech stocks around the world will also shoot higher.
And of course...
The bears will get destroyed when the market rises.
Charts with the Freestockcharts.com label are courtesy of Freestockcharts.com
Charts with the investing.com logo are courtesy of Investing.com powered by Trading View
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