A quick look at yesterday: although Apple increased from $147.92 to $149.07, the stock dropped back and is now priced at $147.41.
United States ISM Manufacturing PMI (Feb) is next today at 15:00 UTC.
United States Consumer Confidence fell short of the 108.5 projections, with new data of 102.9.
While price action maintains a negative bias, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.20 million, while the previous figure was 9.89 million. United States Chicago PMI (Feb) came out at 43.6, while a consensus of analysts was expecting 45.
Apple could begin to recover as it approaches significant support, now 94 cents away from $146.47. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Apple peaked above its 200 day Simple Moving Average around $147.17 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $145.04, a low enough level to, generally, suggest that Apple is trading below its fair value.
Technical analysis indicates that Apple (currently on a downtrend) might reverse course and start pointing upward in the short term.
Apple was not the only decliner in the technology sector; ASML Holding closed at $617.73 (down 2.27%). Intuit went down 1.32%, closed at $412.62. IBM closed at $129.3 (down 0.91%).
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to come out at 457,000 — worse than previous data of 7.65 million; data will be released today at 15:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000.
Furthermore, United States ISM Manufacturing PMI (Feb) will be released today at 15:00 UTC.
Apple hit a significant low of $125 around a month ago, but has since recovered 18.32%.