Shares of Apple Inc. (AAPL) have come under pressure recently, in contrast to stronger-performing technology peers. While mega-cap names such as Broadcom (AVGO), Palantir (PLTR), and ServiceNow (NOW) have moved higher into the favored zone of the SIA S&P 100 Index Report, Apple has taken a divergent path, reflecting a declining relative strength (RS) profile and a weakening technical posture. The stock fell out of the favored zone in September 2024 and currently ranks at position 67, placing it firmly in the unfavored zone. Over the past quarter alone, Apple has dropped 27 positions in the SIA S&P 100 Index Report, confirming technical deterioration across all SIA Index Reports in which it appears.
Most recently, Apple encountered resistance near $215, a level that now serves as a key short-term ceiling. The monthly candlestick chart shows a series of consecutive bearish candles, each reflecting deeper supply absorption than the last. This steady selling pressure corresponds with Apple’s recent price performance, which has declined 5.21% over the past month, 17.06% over the past three months, and nearly 20% year-to-date. Once a cornerstone of the “Magnificent 7,” Apple now appears to be losing technical momentum.
We now turn to the SIA Point & Figure (P&F) chart, which provides more specific levels that advisors may want to monitor. Assuming the current trend continues, the stock may retest support near $194.40, with additional downside targets at $169.24 and $128.26. The Point & Figure (P&F) chart supports the bearish outlook, particularly when viewed alongside the SIA relative strength overlay, which now clearly reflects Apple’s transition from the green favored zone into the red. This movement has triggered a bearish relative strength signal.
Currently trading around $200, Apple remains below former support, which has now turned into resistance. The P&F chart identifies $214.63 as the next immediate resistance level, with more substantial upside capped near $261.64, the high from earlier in 2024. At the same time, Apple’s relative strength score has declined to 3 out of 10 when compared to the five major asset classes. The stock now ranks in the bottom half of the SIA S&P 100 Index, marking a notable shift from its former position as a market leader.
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