Chart of the Week – AAPL
As we know, AAPL blasted back to new highs with one of its biggest two-day gains in history this past week. In fact, the +10.3% two-day advance was the biggest since November’22 and the sixth two-day gain of at least 10% since the start of 2009.
However, exceedingly strong two-day up-moves of this magnitude or greater have happened dozens of times in its history. In fact, there were 16 such instances between 1999 and 2000 alone. So, while we haven’t seen this type of move in a while, it’s not THAT rare.
Further, let’s not forget how this move started. Back on March 7th, 2024, relative to the S&P 500, AAPL hit its most oversold state EVER. In particular, the 14-day RSI of the AAPL/SPX ratio plummeted to 12. We dedicated a whole piece to thus on 3/7/24 back then entitled “AAPL vs. SPX: Most Oversold Ever.”
This latest pop now has produced a stretched short-term condition, but on this very long-term quarterly chart, it’s just the latest multi-year breakout. Needless to say, the stock has extended higher from past big breakouts before.
![](https://cappthesis.com/wp-content/uploads/2024/06/2024-06-14_14-48-14-aapl.jpg)
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