As Apple Stock Rests After CPI Chaos, Here's the Bull, Bear Thesis Apple, Inc AAPL
Big tech was struck hard, forcing the S&P 500 to finish down 4.32%, the worst single day fall since June 11, 2020, during the COVID-19 pandemic.
The strong decrease was a pessimistic response to consumer price index (CPI) data provided by the U.S. Labor Department,
In August, CPI fell from 8.5% to 8.3%. The CPI was expected to be 8%.
The results spurred worries the central bank may hike interest rates by 0.75% or 1% next week. After the Fed hiked rates by 0.75 percent
The Apple Chart: Tuesday's rapid decrease on above-average volume showed panic selling because more buyers than sellers.
Apple began Wednesday with an inside bar, indicating consolidation before direction.
If Apple breaches the inner bar pattern, the price may rebound from 0.618 ($146).
Apple has price resistance at $158.09 and $162.14 and support at $153.92 and $150.