iPhone report Apple sends below major support. Check the chart.

iPhone report Apple sends below major support.  Check the chart.

apple (AAPL) Stocks pulled back from today’s lows but are still down more than 2% after the downbeat iPhone report.

A Bloomberg report says demand for the iPhone is not as strong as some investors had hoped and plans to ramp up production are no longer on the table.

Falling stocks leads to an interesting market dynamic and comes amid rising stock market and bond market – which is what happens without apple.

Earlier this month, Apple described it as one of the “last stable stocks” as the bear market continued to push stocks lower.

Amid the selling – including the part where the S&P 500 has fallen in six straight sessions – Apple has held up mostly well.

Trade Apple Stock

While huge technology peers like Microsoft (MSFT) and the alphabet (The Google) (The Google) Earlier this year they were the leaders in relative strength, these two stocks recently hit 52-week lows.

That just left Apple — and to some extent Tesla (TSLA) .

As of yesterday’s close, Apple stock was still above 17.5% from 2022 lows, an impressive achievement considering that the S&P 500 hit new lows yesterday.

On Tuesday, Apple stock climbed towards the active resistance across the 21-day moving average. Today’s bulls were hoping to find support near $148.

As seen above, the $148 area marked the last two week low.

If Apple stock can recover and close above this area, that’s a win for the bulls, although they still have a lot of work to do – which means Apple stock is still below $150, plus the 10-day active resistance and averages moving for 21 days.

If Apple stock stays below $148, as well as a 61.8% retracement near $147, that keeps more of the downside in play.

Specifically, it could put the $143-$144 area on the table, followed by a 78.6% retracement near $139.

Breaking all of these levels could bring the play back to the low to average $130 level again. If that happens, it’s hard to imagine that the S&P 500 or the Nasdaq will hold up so well.

READ ALSO :   Hugh Freeze Adds Group 5 Assistants To Auburn Support Staff

The Latest

To Top