In March Apple has been introduced to the Dow Jones 30 and now it it is major responsible of an ominous trading signal called the Death Cross (50 Moving Average crosses crosses 200 days Moving Average) which, if not negated, will drive the Dow Jones down to its summer bottom.
Apple got hit by the triple whammy. On one side the Yuan devaluation made its products dearer in its best market (China),
the US phone carriers decided to stop subsidizing the cost phone (so in a phone plan you will need to buy the phone outright…I can just imagine lots of customers sticking with the old phone as now updates are really incremental) and also the new pretty good Chinese mobile phones will be even cheaper.
And this is valid for all companies similar to Apple – so the most part of technology companies…one of the few sectors that was driving this very selective rally.
investorpolitico 