SPX Tech analysis by Simon Kazinsky on 20:21 August 31, 2016 EST
I have been bearish on the Cupertino giant for quite some time now. My last technical analysis for Apple was produced right after the summer low at around $90. I was hoping for the technical support I spotted then in that region to give way but instead it did hold and the stock bounced to just above the resistance shown in the chart though has returned back below it after the recent news the company has been fined in Europe to the tune of $13Bn dollars.
Beyond the technical analysis the company is unable to come up with new products with substantial 'wow factor' like the Mac, the Ipod, the Ipad or the Iphone. The Iwatch was the company's big bet and I am yet to see a single person wearing it.
The multinational is no longer trendy and it is now demonised by the same hipsters that worshipped Steve Jobs.
Back to the technicals breaking below the psychological level of $100 will provide further proof that the company is on its way down and a battle at the $92 region between bulls and bears will decide the future direction of the share price.