The S&P 500 is down 2.5% since the close last Thursday, but two widely followed stocks have really bucked the downtrend and traded nicely higher. The first is Apple (AAPL), which is up 6% since last Thursday and at its highest level in nine months. As shown below, the stock broke above the top of its downtrend channel a couple of months ago, and after holding support recently at its 50-day, it has shot higher over the last few days since the iPhone 7 release. Word is that the 7 is pretty awesome.
The second stock that has seen an even bigger move higher as the broad market has struggled recently is Wynn Resorts (WYNN). Since last Thursday’s close, WYNN is up 14%, and today we saw shares break to a new 52-week high. The stock had been trading in a sideways range for the past six months, but this move has caused a really nice breakout. Remember, WYNN is a stock that traded at near $250 back in March 2014.