Apple Has Biggest Intraday Decline Of 2017 And Rebounds

Apple Inc. AAPL shares are trading lower by $1.17 at $142.00 in Tuesday's session. There is no specific news out on the issue. Most likely, the decline can be attributed the decline in the broad market.

Apple, which began the year at $115.82, has had a slow and steady rally to its new all-time high on April 5 at $145.66 — two years in the making. The pace of the rally accelerated when the company posted a solid Q1 beat on Jan. 31.

Since making its all-time high, the issue put in three lower highs, three lower lows as well as three lower closes as investors attempted to exit on weakness as opposed to strength. That negative trend has continued in Tuesday's session.

After a lower open, the issue found resistance just above Monday's closing price ($143.17) at $143.35 and began to decline with the major indices. The ensuing decline took the issue to $140.06 but has now rebounded back to the $142.00 area. That low comes in well above its March 27 low ($138.62) and just below its March 28 low ($140.62).

In order to snap its four-day losing streak that began when it posted its all-time closing high on April 4 at $144,70, it will need to end the session above $143.17.