Chart of the Day - Friday, August 21st, 2020

Today’s Chart of the Day was shared on Twitter by Jonathan Krinsky of Baycrest Partners (@jkrinskypga). The chart shows Apple Inc. ($AAPL) over the past 20-years. Apple has been on an incredible run lately. Just yesterday it became the first company to cross $2 trillion in market cap, and today the stock soared another 5%. Jonathan points out that the 20-day rate of change is now over 34% - the fifth-largest 20-day gain for the stock in the past two decades. The stock is currently trading just under $500, which represents the 261.8% Fibonacci extension of the Feb-March decline. Keep in mind, the stock will undergo a 4-for-1 split at the end of this month. Will momentum bring further gains for the largest company in the world, or is this a logical place for a pause/correction?