Chart of the Day: Apple’s Bullishness Can’t Be Ignored

It is hard to fault Apple ($AAPL) as it continues to advance and push to all-time highs. While the stock has been volatile lately, even on the worst days for markets it seems the big iPhone maker is always poised to run higher.

That is a vote of confidence from the investing public and with a new catalyst through the end of the year (iPhone and foldable phone) it seems unrealistic anyone would want to take a bearish position before some numbers are released.

The indicators are bullish, with strong MACD, money flow and the ADX pointing higher. That tells us a strong trend is about the get underway, and it appears to be bullish.

Momentum is back with Apple, with the stochastics pushing higher while volume trends are bullish. We’ll continue to hear more details about the new iPhones in the coming weeks, and then the earnings catalyst hits at the end of October.

We like Apple in TheStreet Pro Portfolio and rate it a Two, or “stockpile on pullbacks.”

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At the time of publication, TheStreet Pro Portfolio was long AAPL.

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Posted by Bob Lang

Bob Lang is one of the country’s top options traders, an expert market technician, and a highly sought-after mentor and teacher. He is a private trader in equity and option markets and created his own hedge fund and options trading company called Explosive Options. He is also founder and Chief Options Analyst at Aztec Capital, LLC. He has been a regular contributor to TheStreet Pro's paid subscription products since 2009. Lang is both a short-term trader and long-term stock investor. He utilizes technical and fundamental analysis to find investment opportunities. His coverage for TheStreet Pro specializes in options trading, stock investing, and technical analysis. One of Lang’s claims to fame is his creation of the acronym FANG to describe the top tech companies at the time (Facebook, Amazon, Netflix, and Google). The acronym has since expanded considerably and is still widely used today. He is the author of the book “Know Your Options” and holds an MBA from the University of Redlands. When he’s not providing financial commentary for TheStreet, he can be found on the tennis court, reading, or traveling.

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