Chart of the Day - Monday, October 21, 2024

🏆  Today's Chart of the Day was shared by @TrendSpider.
 

• Everyone has been fixated on Nvidia ($NVDA) since it broke out to record highs two weeks ago. However, the only stock that matters more than $NVDA is also breaking out to record highs.
   
• $AAPL closed at an all-time high for the first time in three months today. It's resolving higher from a bullish Ascending Triangle pattern, featuring horizontal resistance at $235 and rising trendline support.  
   
• Volatility contracted as $AAPL coiled into this pattern. It will likely expand again once the stock breaks out of this bullish consolidation pattern. The company reports earnings in two weeks on Thursday, October 31.

Takeaway: The largest stock in the market, Apple, inc. ($AAPL), broke out to all-time highs for the first time in three months. The path of least resistance is higher if it's above $235.