Apple Inc. (NASDAQ:AAPL) Tim Cook urges Supreme Court to preserve DACA

Apple Inc. (NASDAQ:AAPL) Tim Cook urges Supreme Court to preserve DACA

Apple Inc. (NASDAQ:AAPL) Tim Cook urges Supreme Court to preserve DACA

In a friend-of-the-court brief filed Wednesday, top executives at Apple Inc. urged the U.S. Supreme Court to uphold DACA, the Obama-era law protecting the immigration status of those who came to America as the children of undocumented immigrants.

Apple AAPL, -2.51% employs 443 “Dreamers” from 25 countries, Chief Executive Tim Cook and human resources chief Deidre O’Brien said in the brief. “They spark creativity and help drive innovation. They are among our most driven and selfless colleagues.”

“We did not hire them out of kindness or charity,” they wrote. “We did it because Dreamers embody Apple’s innovation strategy. They come from diverse backgrounds and display a wide range of skills and experiences that equip them to tackle problems from different perspectives. Because they thrived in the face of adversity, they often exhibit extraordinary levels of grit and drive. . . . They have earned the right to continue to contribute to our company and to our society.”

“Apple would quite literally not exist without a brilliant and driven population of immigrants,” Cook and O’Brien said, noting that the father of co-founder Steve Jobs immigrated to the U.S. from Syria.

The Supreme Court is scheduled to hear arguments in November over the Trump administration’s 2017 decision to end the Deferred Action for Childhood Arrivals program. A ruling is expected by next June. If the Trump administration’s decision is upheld, hundreds of thousands of young immigrants could be deported.

Cook has been outspoken in the past about his support for Dreamers, saying in 2017: “I stand with them.” Cook is not alone; in 2017 a number of executives at top tech companies — including Microsoft Corp. MSFT, -1.77% , Amazon.com Inc. AMZN, -1.29% and Facebook Inc. FB, -0.69% — voiced their collective support for DACA’s preservation.

“We collectively owe it to the Dreamers to hold up our end of the bargain,” the Apple execs said in their brief. “It is not just a legal requirement. It is the moral thing to do.”

Apple shares slipped Wednesday, but the tech giant’s market cap remained above $1 trillion. Apple stock is up 39% year to date, compared to a 12% gain this year by the Down Jones Industrial Average DJIA, -1.86% , of which it is a component.

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 230.49.

The projected lower bound is: 207.83.

The projected closing price is: 219.16.

Candlesticks

A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.

A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. There have been 5 falling windows in the last 50 candles–this makes the current falling window even more bearish.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 54.1724. This is not an overbought or oversold reading. The last signal was a buy 5 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 53.14. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 84 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -14. This is not a topping or bottoming area. The last signal was a sell 0 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 7 period(s) ago.

Rex Takasugi – TD Profile

APPLE INC closed down -5.630 at 218.960. Volume was 34% above average (neutral) and Bollinger Bands were 39% narrower than normal.

Open     High      Low     Close     Volume___
223.060 223.580 217.930 218.960 35,767,256
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 220.24 211.35 190.14
Volatility: 25 35 36
Volume: 29,622,260 29,485,782 30,015,540

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

APPLE INC gapped down today (bearish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
APPLE INC is currently 15.2% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into AAPL.O (mildly bullish). Our trend forecasting oscillators are currently bullish on AAPL.O and have had this outlook for the last 30 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

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