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News

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Asset Watch

Munch on Apple while you still can?

Thursday, September 14, 2023

The calendar is approaching a bearish turn, as the S&P 500 often suffers mightily from mid-September until early October. And with Apple being the largest constituent in the index, it’s unlikely to sidestep the negativity if volatility erupts.
While the recent pullback offers an attractive entry point for Apple enthusiasts, should we expect a long-term bottom to materialize over the next few weeks?
Initially, Apple recovered nicely from its post-earnings pullback, but when Chinese authorities banned government employees from using iPhones, the stock sank back near its August lows. Now, investors remain skittish, even as Apple unveiled new products at its launch event on Sep. 12.

With faster chips, “incredible image quality,” and higher prices as part of the festivities, the revamped offering should help boost revenue during the Christmas rush in Q4.

Significant support levels should limit the future downside. Apple’s 150-day and 200-day moving averages acted as resistance during the rally attempts in late 2022. The stock also found support in this area during the early 2023 pullback.

As the 150-day MA nears $173, the level may stop the recent swoon. However, if this doesn’t happen and weak S&P 500 seasonality hurts Apple, the 200-day MA could near $164, marking the end of the downtrend.

Will you be a buyer if the correction continues, or will Apple’s struggles persist in the months ahead?


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