Apple Inc. gapped down about 2.4 percent to start Thursday’s trading session and within the first few minutes had fallen 4 percent off Wednesday’s closing price.
The general markets turned heavily bearish at the end of March, which technical traders may have predicted a few weeks earlier when the 50-day simple moving average (SMA) crossed below the 200-day SMA on the S&P 500, which created a death cross on the daily chart.
The S&P 500 has plunged about 16 percent since March 29 and Apple, often considered a market leader, has plummeted over 20 percent since that date.
For bullish traders, the market has been frustrating, rarely providing any relief in terms of a sustained bounce. Bearish traders have been able to hold positions confidently because, despite the months-long blood bath, there has been little to suggest the bottom is nearby.
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