Is AAPL Back In A Leadership Role?

| About: SPDR S&P (SPY)

For the last several weeks it has seemed as though shares of Apple (NASDAQ:AAPL) have marched to their own tune pertaining to its day to day moves. There have been some days where AAPL would be down sharply even as the overall market rallied. Then there were other days where AAPL would rally on days when the market was down. In the last two days, though, it seems as though AAPL has been once again providing a good 'tell' for the market.

The chart below shows the intraday performance of the S&P 500 and AAPL so far this week. On Tuesday, shares of AAPL opened at their highs and then traded lower all day. The S&P 500, however, rallied at the open and then continued to rise for 90 minutes before it reversed lower. Then, today, AAPL hit its lows for the day shortly after the open (9:48) before trading sideways for the rest of the morning. At the same time, the S&P 500 opened lower and kept declining. It wasn't until 12:30, after AAPL successfully tested its intraday low that the S&P 500 bottomed and started to turn around. Something to watch in the days ahead.