We are seeing stocks drop left and right, as US stock indices come under renewed selling pressure. However, Apple (AAPL) It keeps well.
The latest pain began last week with a hotter-than-expected inflation report, which led to the worst one-day trading session for the S&P 500 in two years.
While markets tried to hold on amid recent selling pressure, it broke lower on Wednesday after the Federal Reserve’s decision to raise interest rates and plans to continue raising rates through the end of the year.
At some point this year, the alphabet (The Google) (The Google) Microsoft (MSFT) And Apple was the best at big cover technology.
But as we can see now, Alphabet is no longer on this list because it is hitting new lows. Neither is Microsoft, and yet Apple is holding up relatively well.
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Of course, Apple’s stock is not it only stock This has held, but from the major tech names – Tesla may have missed out (TSLA) – She holds the best.
Apple stock has made a very impressive run away from its 2022 lows, rising 36.5%. One period of this rise involved gains in seven out of eight weeks.
That was enough to launch the stock temporarily above downtrend resistance (blue line), but the bears eventually caught up.
Now below all of its daily moving averages, Apple is above the critical $148 to $150 region. This has been a key pivotal area of support and resistance. It is also where we find the 21-month moving average.
This area was a solid support last week, but note how Apple shares have continued to hold above last week’s low – something that the market and many other stocks are enjoying. Not a job.
If Apple stock loses $147 and thus 61.8% retracement, it opens the door down to the $140 area. In this area, we find a monthly VWAP metric and a 78.6% recovery.
Below that puts 2022 lows near $130, with the next significant area not starting until the $118 to $120 region.
On the upside, rallies to the $157.50 to $160 area have sold off over the past 3 weeks. That must change for the bulls to enjoy a sustained upward impulse.