U.S. Markets closed

Apple moves in wide range, breaks above its 10-day moving average

The stock is one of a handful of names that is moving in a wide range today, so far from $509 at the low to $525.35 at the top. The most significant event is the breakout taking place above the 10-day moving average, albeit on low volume. This move, if it holds through the end of the day, will void the potential bearish triangle pattern that was developing on the daily chart. Given that trading is thin, and largely moved by speculation on the outcome of Congress's ability to avert the "fiscal cliff", whether the move sustains in the new year is quite uncertain. The wide price swings today are making Apple (AAPL) the most important stock on the board as it is very heavily weighted in both the S&P 500 and the Nasdaq 100. Resistance is now at $534.90, the most recent pivot high and the high of the range of the last two weeks. Support is at $520.35.