Shares of Apple Inc. dropped 1.9% in premarket trading Thursday, to put them on track to open below the closely watched 50-day moving average (DMA). The technology behemoth's stock had closed above the 50-DMA, which is viewed by many chart watchers as a tracker of the shorter-term trend, for the past four sessions, the longest such stretch since Sept. 1. Meanwhile, the stock has closed below the 200-DMA, which is seen by many as a dividing line between longer-term uptrends and downtrends, since Sept. 12. Apple's 50-DMA extends to $147.17 on Thursday and the 200-DMA extends to $155.18, according to FactSet data. In comparison, the Dow Jones Industrial Average has closed above its 50-DMA for 18-straight sessions, and above its 200-DMA the past five sessions. The technology-heavy Nasdaq 100 has closed above its 50-DMA the past five sessions. With Nasdaq 100 futures down 150 points, and the 50-DMA extending to about 11,403, or 296 points below Wednesday's close, the index is headed for a sixth-straight close above that line.
(END) Dow Jones Newswires
November 17, 2022 08:48 ET (13:48 GMT)
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