A quick look at yesterday: Apple closed at $150.72 yesterday after ranging between $146.27 and $151.48.
United States Existing Home Sales (Oct) is next today at 15:00 UTC.
Apple's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims beat analyst expectations of 225,000 and the previous reading of 226,000 with new data of 222,000.
At the same time, United States Philadelphia Fed Manufacturing Index (Nov) released yesterday at 13:30 UTC with a figure of -19.4, while the previous figure was -8.7. United States Building Permits (Oct) came out at 1.53 million, while a consensus of analysts was expecting 1.51 million.
Visual analysis of Apple's chart shows that Apple could be slowing down soon as it approaches resistance at $150. Of course, crossing it might suggest further gains are ahead. Technical analysis trend indicators suggest that Apple made an initial breakout above its 50 day Simple Moving Average at $147.28, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $147.77 by around $2.95 with prices hammering out a $146.27 – $151.48 session range.
Notwithstanding Apple's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Apple's share price coincided with other technology stocks as Cisco Systems traded at $46.59 after closing yesterday's trading day at $44.39 (up 4.96%).
While Apple was bullish yesterday, the following technology stocks underperformed: Salesforce drops 3.5% yesterday to close at $155.12. Intuit went down to $381.88, losing 3% after it closed at $393.66 yesterday.
Furthermore, the market is looking at United States Existing Home Sales (Oct) is expected today at 15:00 UTC.
The sleek phone manufacturer is now trading 13.8% below its 3-month high of $182.