Apple, the old darling, continues down. The stock broke the 200-day average recently like it wasn´t even a level. If iPhones have passed peak moment or not, nobody knows, but from a technical point of view, Apple has a longer-term trend from the 2016 lows that is starting to come into play soon.

Much damage has been done to this chart, and yes, we agree the fundamentals of Apple could be changing, but we stick with our chart below. 180 is a big level as this was the breakout level earlier this year that took the stock to recent ATH levels. The longer-term trend should provide a bit of short-term support.

One of the best stocks to study when it comes to recent year´s crazy tech bonanza is Tencent. The Asian giant has fallen substantially from recent ATH levels but managed to put in a rather nice bounce today post-earnings.

What people tend to misunderstand (still) is that all high-flying stocks reach the epic moment when it “all” reverses lower. The subsequent fall often catches most investors by surprise and the move lower often tends to continue for more and longer than most people can imagine. As we await Apple to try the longer-term trend, we are still a bit nervous with regards to whether or not Apple decides following the same “psychological” path as Tencent for the medium term.

Below chart shows Apple (orange) versus Tencent (white) date adjusted.

Source: charts by Bloomberg