Chart of the Day - Wednesday, December 28th, 2022

Today’s Chart of the Day was shared in a note by John Roque of 22V Research (@daChartLife). It's a weekly chart of Apple ($AAPL) over the past seven years. Apple has held up better than most FAANG stocks this year, however, John points out that it could be the bear's next victim. The stock closed at a fresh 52-week low today as it sliced through key support around $130. It's below a declining 40-week moving average, and it's already broken down on a relative basis. These are the exact same conditions that existed in stocks like $ARKK, $TSLA, $META, and $AMZN before they began to accelerate lower. John's next downside target is around $100, which is about 20% lower from here.