Apple Hits New All-time Highs Relative To S&P

JC Parets
July 19, 2022

Shares of Apple stock just went out at the highest levels in history relative to the S&P500.

This is what we refer to as "Relative Strength".

Apple had originally peaked relative to the market almost 2 years ago towards the end of the summer of 2020.

That's when the Apple's underperformance first began.

And now here we are making new all-time highs once again:

You can argue that Apple is still in a range relative to the rest of the market, and just towards the upper end of that range.

But even still, I'd say that's still impressive considering the circumstances.

Has Apple turned into a Safe-haven because of its massive market cap?

Well, we're seeing some of that in Microsoft as well. But we're definitely NOT seeing it in Google or Amazon.

It's mostly an Apple thing.

So with Apple as the largest component of the Tech sector (21.5% weighting), and Tech being the largest component in the S&P500 (24.2% weighting), what does this mean for the rest of the market?

Is this a safe haven trade? Or is there Tech leadership emerging after taking a couple years off?

We discussed all of this on last night's Live Conference Call for Premium Members of ASC.

If you were not able to attend live, Premium Members can catch the replay and download the slides here.

Give it a watch and let me know what you think!

Cheers,

JC

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