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Apple Shares Are Tanking. Here Are Levels Traders Are Watching

Shares have shed more than 10% from their December peakTraders are monitoring support levels at October low near $166An Apple store in New York.Traders are eyeing Apple Inc. after its stock slid below

Apple Shares Are Tanking. Here Are Levels Traders Are Watching

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":281319748845576,"tweetId":"281319748845576","gmtCreate":1709706127180,"gmtModify":1709706129953,"author":{"id":3577084956936337,"idStr":"3577084956936337","authorId":3577084956936337,"authorIdStr":"3577084956936337","name":"keegs","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":18,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"html":"<html><head></head><body><p>Jy y</p></body></html>","htmlText":"<html><head></head><body><p>Jy y</p></body></html>","text":"Jy y","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/281319748845576","repostId":2417422147,"repostType":2,"repost":{"id":"2417422147","kind":"highlight","pubTimestamp":1709702100,"share":"https://www.laohu8.com/m/news/2417422147?lang=&edition=full","pubTime":"2024-03-06 13:15","market":"us","language":"en","title":"Apple Shares Are Tanking. Here Are Levels Traders Are Watching","url":"https://stock-news.laohu8.com/highlight/detail?id=2417422147","media":"Bloomberg","summary":"Shares have shed more than 10% from their December peakTraders are monitoring support levels at October low near $166An Apple store in New York.Traders are eyeing Apple Inc. after its stock slid below","content":"<html><head></head><body><ul style=\"\"><li><p>Shares have shed more than 10% from their December peak</p></li><li><p>Traders are monitoring support levels at October low near $166</p></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3667e18d8cc8cdc96de7c85792dc9d7f\" alt=\"An Apple store in New York.\" title=\"An Apple store in New York.\" tg-width=\"2000\" tg-height=\"1333\"/><span>An Apple store in New York.</span></p><p style=\"text-align: start;\">Traders are eyeing Apple Inc. after its stock slid below a critical psychological threshold on Tuesday as shares entered a technical correction for the first time since August this month.</p><p style=\"text-align: start;\">The shares, which failed to hold the $180 support level last week, traded for less than $170 at various points during Tuesday’s session. Breaking through that level and holding there could presage a pullback to its October low of $165.67, according to Todd Sohn, managing director of ETF and technical strategy at Strategas Securities.</p><p style=\"text-align: start;\">“Apple is one of the most influential stocks so it may see a bounce from here in the short-run after being oversold,” Sohn said over the phone. “But traders may still look to fade it at $180 because its trend has deteriorated so much.”</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b357d8979009f1c2e9ab0ea023faee24\" tg-width=\"1200\" tg-height=\"675\"/></p><p>Shares of the Cupertino, California-based company have shed nearly 12% this year after closing at a record in December, erasing more than $300 billion in market value. That’s cost Apple its crown as the most valuable US company to Microsoft Corp., as some of its Big Tech peers like Nvidia Corp., Meta Platforms Inc. and Amazon.com Inc. keep reallying.</p><p>Apple is facing a slew of issues, including regulatory scrutiny of its App Store, declining sales in China and investor concerns over its growth prospects. Its fourth-quarter outlook also raised worries due to tepid demand for its handsets and other gadgets.</p><p>Naturally, short sellers are pouncing. Apple was the the stock market’s second-most profitable short position in February at $606 million in paper profits, according to data-analytics firm S3 Partners.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/860ef1a05ae0132f31bbd112d2e25291\" tg-width=\"859\" tg-height=\"663\"/></p><p>With Apple faltering, traders are growing concerned that technology shares broadly may face pressure in the coming months, even with Nvidia’s dominance. The iPhone maker continues to set new lows relative to the $252 billion Invesco QQQ Trust Series 1, ticker QQQ, that tracks the Nasdaq 100 Index.</p><p style=\"text-align: start;\">That said, Birinyi Associates found that Apple’s correlation to the S&amp;P 500 isn’t as tight as some may think. On a scale where 1 means a perfect directional relationship and 0 indicates no relationship at all, Apple clocks in at 0.65 compared with 0.69 for Nvidia and 0.36 for the average S&amp;P stock, according to Jeff Rubin, director of research at Birinyi.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8736b025f5f86b657ab7ba13e107e200\" tg-width=\"1200\" tg-height=\"675\"/></p><p style=\"text-align: start;\">From a technical perspective, this means the US stock market can continue to churn higher as long as Apple’s stock doesn’t break its multi-year uptrend from its 2020 lows, according to Mark Newton, head of technical strategy at Fundstrat Global Advisors.</p><p style=\"text-align: start;\">“While this isn’t an intermediate-term concern, and there’s ample evidence that ‘Magnificent 7’ stocks can certainly carry markets higher without the aid of Apple,” Newton wrote in a note to clients. “I view all weakness in Apple over the next month as likely making this stock quite attractive.”</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Shares Are Tanking. 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Here Are Levels Traders Are Watching\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-06 13:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2024-03-05/apple-shares-are-tanking-here-are-levels-traders-are-watching?srnd=technology-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Shares have shed more than 10% from their December peakTraders are monitoring support levels at October low near $166An Apple store in New York.Traders are eyeing Apple Inc. after its stock slid below...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2024-03-05/apple-shares-are-tanking-here-are-levels-traders-are-watching?srnd=technology-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","BK4592":"伊斯兰概念","LU0238689110.USD":"贝莱德环球动力股票基金","BK4515":"5G概念","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","BK4571":"数字音乐概念","LU0072462426.USD":"贝莱德全球配置 A2","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","BK4507":"流媒体概念","BK4585":"ETF&股票定投概念","BK4576":"AR","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0056508442.USD":"贝莱德世界科技基金A2","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","BK4575":"芯片概念","BK4566":"资本集团","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","BK4587":"ChatGPT概念","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU0109392836.USD":"富兰克林科技股A","BK4501":"段永平概念","BK4579":"人工智能","BK4588":"碎股","BK4550":"红杉资本持仓","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","BK4141":"半导体产品","BK4503":"景林资产持仓","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4574":"无人驾驶","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","BK4551":"寇图资本持仓","BK4573":"虚拟现实","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU0444971666.USD":"天利全球科技基金","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0149725797.USD":"汇丰美国股市经济规模基金","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","BK4170":"电脑硬件、储存设备及电脑周边","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","BK4529":"IDC概念"},"source_url":"https://www.bloomberg.com/news/articles/2024-03-05/apple-shares-are-tanking-here-are-levels-traders-are-watching?srnd=technology-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2417422147","content_text":"Shares have shed more than 10% from their December peakTraders are monitoring support levels at October low near $166An Apple store in New York.Traders are eyeing Apple Inc. after its stock slid below a critical psychological threshold on Tuesday as shares entered a technical correction for the first time since August this month.The shares, which failed to hold the $180 support level last week, traded for less than $170 at various points during Tuesday’s session. Breaking through that level and holding there could presage a pullback to its October low of $165.67, according to Todd Sohn, managing director of ETF and technical strategy at Strategas Securities.“Apple is one of the most influential stocks so it may see a bounce from here in the short-run after being oversold,” Sohn said over the phone. “But traders may still look to fade it at $180 because its trend has deteriorated so much.”Shares of the Cupertino, California-based company have shed nearly 12% this year after closing at a record in December, erasing more than $300 billion in market value. That’s cost Apple its crown as the most valuable US company to Microsoft Corp., as some of its Big Tech peers like Nvidia Corp., Meta Platforms Inc. and Amazon.com Inc. keep reallying.Apple is facing a slew of issues, including regulatory scrutiny of its App Store, declining sales in China and investor concerns over its growth prospects. Its fourth-quarter outlook also raised worries due to tepid demand for its handsets and other gadgets.Naturally, short sellers are pouncing. Apple was the the stock market’s second-most profitable short position in February at $606 million in paper profits, according to data-analytics firm S3 Partners.With Apple faltering, traders are growing concerned that technology shares broadly may face pressure in the coming months, even with Nvidia’s dominance. The iPhone maker continues to set new lows relative to the $252 billion Invesco QQQ Trust Series 1, ticker QQQ, that tracks the Nasdaq 100 Index.That said, Birinyi Associates found that Apple’s correlation to the S&P 500 isn’t as tight as some may think. On a scale where 1 means a perfect directional relationship and 0 indicates no relationship at all, Apple clocks in at 0.65 compared with 0.69 for Nvidia and 0.36 for the average S&P stock, according to Jeff Rubin, director of research at Birinyi.From a technical perspective, this means the US stock market can continue to churn higher as long as Apple’s stock doesn’t break its multi-year uptrend from its 2020 lows, according to Mark Newton, head of technical strategy at Fundstrat Global Advisors.“While this isn’t an intermediate-term concern, and there’s ample evidence that ‘Magnificent 7’ stocks can certainly carry markets higher without the aid of Apple,” Newton wrote in a note to clients. “I view all weakness in Apple over the next month as likely making this stock quite attractive.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":325,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}