Apple had a good day Tuesday, along with other market leaders, reports Investor’s Business Daily.
Anticipation is building for Apple’s Sept. 12 “Wanderlust” event, where it is expected to announce new products, including the iPhone 15 line-up, new Apple watches, and perhaps new AirPod Pros with USB-C cases. On Tuesday Apple stock shot up more than 2%, and the Relative Strength Rating for Apple stock jumped from 83 to 85.
On Monday the tech RS Rating rose from 80 to 83, establishing that Apple stock topped all but 17% of all stocks for price performance over the past 12 months. Investor’s Business Daily says this is a significant move because market research shows that the market’s biggest winners often have an 80 or better RS Rating as they begin their biggest price moves. On Tuesday the rating rose again, to 85.
Apple stock has had a good run this year. It rose 60% from 124.17 on Jan. 3 to a 198.23 high on July 19. Then it began consolidating in sync with the market pullback. On Tuesday, Apple closed at 184.12, up 2.2% for the day.
