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Asset Watch
Thursday, September 29 2022
Additionally, the Apple/SPDR S&P 500 ETF (SPY) ratio rallied sharply in September, while Apple has declined by less than the S&P 500. Therefore, investors see safety in the stock, even during these tumultuous times.
The only caveat is that Apple is approaching a make-or-break moment. For example, with $150 holding for now and its declining resistance line highlighting how Apple continues to make lower highs, the big tech behemoth will eventually break below support or surge above resistance. And with a deadline set for Oct. 10, we should have our answer soon enough.
As a relative winner with material upside if sentiment shifts, will Apple maintain its sanctuary status, or will it be the last shoe to drop during the S&P 500’s sell-off?
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