Apple closed at $580.32 on Friday, June 8, 2012, up +3.45 % for the week as the market also rallied. AAPL is now up +3.6% since reporting incredible earnings on April 24 and down -8.8% from the all-time closing high of $636.23 on April 9. Apple’s market capitalization continues #1 worldwide at $541 billion, leading #2 Exxon ($381 billion) and #3 Microsoft ($249 billion).
Apple rallied during the week to rise above the now ascending 20-day average, which has become support (562). The current close is at some light resistance. Next resistance is the descending 50-day average (583). Next support is the 4-24-12 pre-earnings close (560). The previously tested ascending 100-day average is support at 550. The ascending 200-day average is far below at 472.
AAPL is up slightly for the month as is the S&P 500 (+0.45% vs. +1.17%) and is outperforming the market for the year (+43.3% vs. +5.4%). Apple is -8.8% below the April 9 closing high and therefore rallied out of a correction this week. By comparison, the S&P 500 is -6.6% below its April 2 multi-year closing high and is also not in a correction.
Short-Term Trend slightly bearish
Intermediate-Term Trend bearish
Long Term-Trend bullish
Uptrend Line intact, above since 12-23-11
Downtrend Line new, established 6-8-12
RSI 14 Day = 72 is slightly overbought, ascending
RSI 28 Day = 49 is reasonable, ascending
MACD (12,26,9) = +2.65, ascending
Volume low 12.4M latest day, 50 day avg = 21.9M, descending
Price Earnings Ratio (ttm) higher 14.15
Estimated Calendar Q2 2012 Earnings per Share (GAAP)
Yahoo Analysts Estimates: $10.31 avg, $8.90 low, $12.51 high, 40 analysts
Prior Quarter: $12.30
Prior Year: $7.79
Apple Outlook: $8.68
Estimated Calendar Q2 2012 Total Revenues (GAAP)
Yahoo Analysts Estimates: $37.38B avg, $34.40B low, $41.73B high, 39 analysts
Prior Quarter: $39.19B
Prior Year: $28.57B
Apple Outlook: $34.00B