Chart of the Day - Tuesday, June 11, 2024

🏆 Today's Chart of the Day was shared by Brian Lund (@bclund). 

• Apple ($AAPL) violently broke out to an all-time high today. The stock had its best day since November 2022, surging +7.26% on high volume. It closed firmly above $200 for the first time ever. 

• In less than a year, $AAPL has gone from being the largest stock in the S&P 500 to the third-largest after being surpassed by Microsoft ($MSFT) and Nvidia ($NVDA). However, $AAPL single-handedly kept the S&P 500 in positive territory today. 

• $AAPL hasn't participated in the bull market over the past year. It's been rangebound, but it's finally resolving higher. Seasonality is also bullish, considering $AAPL has a perfect track record in July over the past eight years, boasting an impressive average gain of +8.23%.

The takeaway: The third-largest stock, Apple Inc. ($AAPL), broke out to all-time highs today. It has made ZERO progress over the past year, but it looks ready to resume its primary uptrend.