AAPL ends Friday almost flat as Amazon steals the show

  • Apple shares ended Friday with a small loss of 0.29%.
  • AAPL takes precedence over earnings volatility from Amazon and Facebook.
  • Apple shares remain near all-time highs.

Apple (AAPL) took a back seat in the big tech earnings space last week, having exited the blocks a week earlier. Apple produced strong results that appeared to have saved the stock market. When Google added to Apple’s performance, it looked like the markets were poised to reverse the bearish trend from the start of the year and hit new highs. However, things got a little wild over the week. Facebook’s parent company, Meta Platforms (FB), collapsed after suffering the biggest loss in market capitalization in US history. Investors quickly dumped tech stocks only to chase them higher once Amazon produced strong earnings. Amazon then produced the largest single-day market capitalization gain in history, according to Deutsche Bank. Basically, volatility was the theme of the week.

Apple Stock News

Rumors are swirling about Apple possibly bidding for Peloton (PTON). We don’t quite understand the symmetries or why Apple would be interested in the space. Yes, the Apple Watch is also a fitness device, but Apple likes to design its own products from the bottom up with that sleek Apple feel and touch. We just don’t see it, but we could be wrong.

Bloomberg reported late last week that Apple plans to launch a low-cost version of the iPhone and iPad, sources say. March 8 is the supposed launch date for new products. CNBC reports that the new iPad is an updated version of the iPad Air.

Apple Stock News

Support at $157 was heavily defended once Apple dropped strong earnings numbers. This remains the key support and pivot. A break will likely see AAPL fall to $138. Resistance is at all-time highs from here, but the move is losing potency as evidenced by the still falling Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD).

Apple Chart (AAPL), Daily

Like this article ? Help us out with some feedback by taking this survey:

Karen J. Nelson