Shares of Apple Inc. fell 1.1% in midday trading Tuesday, but have bounced sharply off a key chart level, which they have stayed above since the COVID-19-pandemic induced lows more than a year ago. The technology behemoth’s stock was down as much as 3.2% at its intraday low of $122.77, which was hit moments after the opening bell. The intraday low was right around the 200-day moving average (200-DMA), which currently extends to $122.81, according to FactSet. Many chart watchers believe the 200-DMA represents a dividing line between longer-term uptrends and downtrends. The stock closed even lower than current prices on March 8, at $116.36, but at that time the 200-DMA was at $114.10. The last time the stock closed below the 200-DMA was April 3, 2020. The stock had first closed below the 200-DMA on March 16, 2020, and closed below the line on 11 of 15 days through April 3. The stock has now shed 12.3% since it closed at a record $143.16 on Jan. 26, while the Nasdaq Composite has slipped 1.9% and the Dow Jones Industrial Average has run up 10.7% over the same time.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.