A major sell side firm changed their fundamental opinion of Apple (AAPL) Thursday to "Neutral" from "Buy." It was only Sept. 23, when I last wrote about AAPL and wrote that "This stage of the 2022 bear market may be when shares of AAPL get bruised and turn into cider. A cautious stance is warranted."
The move in Apple, in fact, reminded me of when I earlier wrote about PAYX as I saw a triple top formation, so I decided to see if maybe I need to be more bearish on shares of AAPL. 
In this long-term weekly bar chart of AAPL, below, we can see that a buy-and-hold strategy on AAPL was the way to go for the past 10 years. Buying dips to the 40-week moving average line has been profitable, but now AAPL has spent more time below the 40-week line than in any other time period. AAPL also shows us a potential triple top with a neckline at $135. The Moving Average Convergence Divergence (MACD) oscillator shows us a long-term bearish divergence with a lower high in early 2022 when prices made a higher high.
In this daily Point and Figure chart of AAPL, below, we used close only price data. Here the chart suggests a price target in the $125 area - this would break the neckline at $135.
Bottom line strategy: Buy and hold is a great strategy until it isn't. If AAPL breaks its June low we'll find out who reduced their exposure and who did not.
