In the January 18th edition of the Daily Stock Report, we noted that the relative strength of Apple (AAPL), one of the highest market cap stocks in the world and part of the “Magnificent Seven”, was starting to weaken. Since then, Apple has continued to tumble down the rankings in the SIA S&P 100 Index Report dropping 11 spots in the last month.
Yesterday, Apple fell into the Red Unfavored Zone for the first time since February of 2023. Year to date, AAPL shares are down 8.9%, in contrast to gains of 8.5% for the S&P 100 Index and 7.9% for the NASDAQ Composite Index.
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