(MENAFN- Daily Forex)

• I discuss Apple's performance amid Wall Street's panic following Palantir's AI comments.
• Despite market volatility, Apple's relative lag in AI may have offered short-term stability.
• I outline key support and resistance levels, trend dynamics, and trading strategy considerations.

Apple initially looked fairly strong during the trading session on Tuesday, but Wall Street decided that panic was the order of the day. A few comments coming out of Palantir during an earnings report that AI might not necessarily be the magic bullet everybody thinks it is, going to send the market into a panic. Ironically, this actually helped Apple, which is behind in the artificial intelligence game. In a sense, the ineptness of Apple may have actually helped it.

AAPL Rally

Nonetheless, this is a market that's been rallying for a while, and the bounce on Tuesday made sense. When you look at this, you can see that the market is hanging around the $270 level. If we can break above the highs of the trading session on Tuesday, then we could go looking to the $275 level.

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There is a nice uptrend line that should offer plenty of support. The $260 level is a bit of a short-term floor in this market. I think that sideways action and pullbacks make sense, but then it opens up the possibility of maybe getting long again. I definitely don't want to short this market. It's a market that's been in an uptrend since basically August, and really at this point in time, maybe a day or two of sideways action-or if you have a small enough position-maybe going long works.

Apple is held in most passive investment vehicles anymore, and therefore, it does have a bit of a perpetual bid that obviously helps things. But if we break down below this trend line, then you have to pull the ripcord and get out. Be cautious and recognize that panic is a random thing on Wall Street these days, with volatility in a low VIX environment, ironically enough, causing a lot of headaches.

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