S&P 500 Market Outlook: Bearish
Bearish Trade: AAPL $244.78 – Technology
OptionsPlay’s bearish trade for Friday, March 20th is Apple (AAPL). AAPL is part of the Technology Sector (XLK). XLK has declined 27.18% lower over the past month and its 1m and 6m trend turned bearish on March 9th and is just bounced lower off its $78 resistance level.
Apple’s 1m and 6m trend turned bearish on March 12th and recently broke below its $250 support level. With a technical score of 10 (out of 10), AAPL is a strong stock that is starting to turn lower.
As a stop loss, if AAPL were to trade above $250 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade. We also recommend cutting losses on this options trade if the value of the vertical spread declines below $10.00.
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