Apple Tumbles Dragging Stock Market Lower: The Bull, Bear Case For The iStock
Portfolio Pulse from Melanie Schaffer
Apple Inc. (AAPL) shares fell by 1.46% on higher-than-average volume, dragging the S&P 500 lower and increasing stock market volatility. This comes amid fears of further US interest rate hikes due to persistent inflation. The SPIKES Volatility Index (SPIKE) tracks expected volatility in the SPY over the next 30 days. Apple's relative strength index (RSI) reached about 27%, indicating it may be oversold.
August 18, 2023 | 11:10 am
News sentiment analysis
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NEGATIVE IMPACT
Apple's stock fell on high volume, indicating strong bearish sentiment. Its RSI suggests it may be oversold, which could trigger a bounce in the coming days.
High trading volume on a down day indicates strong selling pressure. The RSI reaching oversold levels suggests the stock may be due for a bounce as traders look for bargain buys.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The SPIKES Volatility Index (SPIKE) could see increased activity as traders look to hedge against or profit from increased market volatility.
Increased market volatility typically leads to increased trading activity in volatility products as traders look to hedge their portfolios or speculate on future price movements.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60