Apple’s (NASDAQ:AAPL) daily chart has been under close scrutiny with the confirmation of its Death Cross technical pattern. Although I’ve been on Death Cross watch for a while now, in this video, I review what exactly that means for traders.
Now, this does not tell you how far something will go up or how far something will go down. It just tells you that there’s been a technical event that a lot of technicians pay attention to with the Death Cross. I’m going to get into the last time Apple has the Death Cross and what happened, because this is the first time in five years it’s happened.
Not to create a cliff hanger, but FYI, last time it happened, AAPL got chopped in half without the burden of the extra shares. Literally, the stock got chopped in half.
Now, conditions are completely different, in my personal opinion, than they were back in 2007/2008 when a lot of this stuff was going on with Apple, so this is not an update that Apple is going to get chopped in half. So, if you’re already writing me an “I hate you” e-mail for bashing Apple, this is not about Apple. This is just about a technical event called a Death Cross that’s happening not just in AAPL but in a lot of stocks.
In my next video, I will look at some of those other stocks but, for now, I’m specifically focusing on NASDAQ 100 stocks, the PowerShares QQQ (NASDAQ:QQQ), and NASDAQ futures because everything is in the process of having that Death Cross within the next 24 hours, most likely today.