Apple’s Ides of March

• Posted by Greg Harmon
• on March 15th, 2016

The Ides of March. In early Roman times March was the first month of the year. There were celebrations that around this time and the Ides would mark the first full moon of the New Year. They gained a new meaning with the assassination of Julius Caesar in 44 BC. A quite tragic death. Stabbed 23 times in the Senate chamber with as many as 60 conspirators involved in the plotting.

But this event also marked a turning point. The assassination lead to a civil war and the end of the Roman Republic. It resolved with Octavian, later to take the name Augustus, rising to power and the birth of the Roman Empire. It was a turning point in history.

Apple ($AAPL) may be having its Ides of March in 2016. After printing an all-time high of 133.54 in April of 2015 the stock has been pulling back. It touched 92 with the August 2015 meltdown, and then revisited that level as support for most of February. The bounce that ensued brought the stock back over 100 in a rounding fashion. And the shallow pullback that followed formed a Cup and Handle formation.

Today, the Ides of March, sees Apple pressing above the Cup, setting a target of 114. This would move the stock above its 200 day SMA for the first time since the brief touch in November and when it broke down through it to end July 2015. Every revolution starts somewhere. The transformation into the Roman Empire came from the death of Julius Caesar. Apple’s transformation may come from a something as simple as a higher high in a technical pattern.

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