Apple closed at $562.29 on Friday, May 25, 2012, rallying +6% for the week as the market stabilized. AAPL is now up slightly +0.36% since reporting incredible earnings on April 24 and down -11.6% from the all-time closing high of $636.23 on April 9. Apple’s market capitalization continues #1 worldwide at $532 billion, leading #2 Exxon ($389 billion) and #3 Microsoft ($244 billion).
Apple rallied up to and then just above resistance, now support, on Monday. This was the 4-24-12 pre-earnings close of 560.28. AAPL then rose to test the descending 20-day average and continued testing throughout the week. The Friday close is just below the 20-day average (563.88), which is now resistance. First support is now the 4-24-12 pre-earnings close ($560.28). The previously tested ascending 100-day average is support at 536. There is light support at the early March lows and highs (530-545). Next support are the 509-515 peaks and then the 500 benchmark. The ascending 200-day average is far below at 463. AAPL was very oversold at the beginning of last week but this condition has been worked off.
AAPL is down along with the S&P 500 for the month (-3.7% vs. -5.7%) and quarter (-6.2% vs. -6.4%), but is outperforming the market for the year (+38.8% vs. +4.8%). Apple is -11.6% below the April 9 closing high, so continues in a correction. By comparison, the S&P 500 is -7.1% below its April 2 multi-year closing high and still not technically in a correction.
Short-Term Trend leaning bullish
Intermediate-Term Trend bearish
Long Term-Trend bullish
Uptrend Line intact, above since 12-23-11
Downtrend Line new, below since 5-24-12
RSI 14 Day = 46 is reasonable, descending
RSI 28 Day = 41 is reasonable, descending
MACD (12,26,9) = +1.51, ascending
Volume much lower 11.7M latest day, 50 day avg = 23.4M, descending
Price Earnings Ratio (ttm) lower 12.93
Estimated Calendar Q2 2012 Earnings per Share (GAAP)
Yahoo Analysts Estimates: $10.31 avg, $8.90 low, $12.51 high, 39 analysts
Prior Quarter: $12.30
Prior Year: $7.79
Apple Outlook: $8.68
Estimated Calendar Q2 2012 Total Revenues (GAAP)
Yahoo Analysts Estimates: $37.37B avg, $34.40B low, $41.05B high, 38 analysts
Prior Quarter: $39.19B
Prior Year: $28.57B
Apple Outlook: $34.00B