With Apple being the largest company in the world, what Apple does has ripple effects that are beyond measure.
First off, Apple remains inside of a 35-year rising channel. Of late it was within 15% of hitting the top of its channel. No doubt the trend is up.
At this time Apple is testing a support line that could have ties back to its 2002 lows.
It’s early in the month. What Apple does with this support line test could have a large impact on key stock indices going forward.
If Apple is to bounce, it could happen off this key support line.