Apple's stock drops below the March low to complete bearish pattern

Shares of Apple Inc.
AAPL,
-5.18%

were diving 3.6% in afternoon trading Wednesday, enough to pace the Dow Jones Industrial Average’s
DJIA,
-1.02%

decliners. The decline comes amid a broad selloff in the technology sector, and even though the technology behemoth didn’t issue any press releases or file anything with the Securities and Exchange Commission on Wednesday. The tech-heavy Nasdaq Composite
COMP,
-3.18%

sank 2.0% while the Dow industrials fell 124 points, or 0.4%. The drop takes the stock below the March 14 closing low of $150.62, and puts it on track for the first close below the $150 level since Nov. 11, 2021. Given that the March 29 recovery-high close of $178.96 was lower than the Jan. 3 record close of $182.01, the stock has now completed a bearish pattern of lower highs and lower lows, which followers of the century-old Dow Theory of market analysis say defines a downtrend. The stock has declined 16.1% year to date, while the Dow has lost 11.8%.

William Murphy

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