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Trends & Analysis
News
China stocks end mixed despite PBoC announcement
News
Asia stocks rise on prospects of Fed easing hikes
News
HP joins the tech layoff spree
News
Best Buy shares spike amid upbeat Q3 print
News
Investors cheer Disney CEO Bob Iger’s return
News
Foot Locker shares surge after upbeat earnings report

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Asset Watch

Is Apple the last place to hide?

 

Thursday, September 29 2022, 10:10am GMT

September seasonality continues to haunt risk assets, causing the S&P 500 to close in the red for six-straight sessions and nine of the last 11. Higher interest rates also amplified investors’ recession fears thanks to the U.S. Treasury’s yields on a seeming rampage.

 

However, with the damage widespread and few places to hide, will Apple remain a relative outperformer?

 

Apple stocks have suffered in recent weeks, like many in the U.S. Despite dipping below the key level intraday, the iPhone maker closed above $150 for the last eight sessions. As $150 is near the March lows and the May and June highs, the level could be seen as a source of strength.

Source: TradingView

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?

 

Sources:

S&P 500 seasonality

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