Chart of the Day - Thursday, September 29th, 2022

Today’s Chart of the Day was shared by Brian Lund (@bclund). Apple was one of the only stocks that didn't participate in yesterday's rally, and it continued lower today dropping nearly 5%. Keep in mind this is the largest stock out there, representing more than 7% of the S&P 500, and more than 13% of the Nasdaq. It has acted as a safe haven, up until recently, considering it hit an all-time high vs. the S&P 500 just a few days ago. However, the past two days have been a stark change of character. It's going to be hard for the major indices to stage a meaningful rebound if some of the largest and strongest stocks are deteriorating.