Exactly two years ago Apple (AAPL) launched the iPhone 5 as its stock soared to all-time highs nearly every day:

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AAPL_2012

Fittingly, it turned out that the September 21st, 2012 iPhone 5 launch date turned out to be a major top for AAPL shares, a level which was not surpassed for 22 months:

AAPL_Top

While history does not repeat exactly, it does rhyme, and AAPL's chart is certainly rhyming these days:

AAPL_2014

Definite similarities in terms of the recent momentum divergence and the closeness to the 50-day simple moving average. The key level for AAPL over the coming days will be ~$97; a powerful breach of the 50-day SMA and the uptrend drawn from the April earnings gap would offer strong evidence that it is déjà-vu all over again for AAPL.