AAPL’s short-term bulls are not broken, but it’s approaching the 339.64 resistance level.

HSBC has upgraded its rating, and the AI narrative provides support—daily swing lows are rising, and buy-side control looks fine. The issue is in macro conditions: the Fed has turned hawkish and is compressing valuations; the global semiconductor stocks have crashed, dragging down tech sentiment, creating a divergence of “technically bullish, but macro bearish.”

If volume can’t absorb the sell pressure, a technical pullback is likely.

Short-term support is at 332.23; if it breaks, look for 328.18. If this level is lost, the short-term bulls are likely in trouble.