Apple delays Siri AI updates. Stock approaches 200 day MA

With markets already under pressure from Trump’s weekend recession comments, Apple is adding to the downside after announcing a delay in its AI-powered Siri update. Originally expected in iOS 18.4, the update has been pushed to later this year, impacting features like conversational improvements and app integration. The setback also affects Apple’s smart home projects and raises concerns about its ability to compete with AI leaders like Google and Microsoft. Analysts have already revised their iPhone sales growth forecasts in response to the delay, though Apple remains confident in its long-term AI strategy.

Shares of Apple are down approximately $10 (-4.18%) at $229.07, with an intraday low of $228.46.

Technically, the stock is approaching its 200-day moving average at $227.28, a key support level (green line on the chart). The last time Apple traded below this level was May 2, 2024, when earnings triggered a sharp rebound, keeping shares above the 200-day MA ever since. If this support breaks, further downside pressure could accelerate.

On a break of the 200-day moving average, the 38.2% retracement of the move up from the April 2024 low would be targeted at $223.35 moving at the four-hour chart below the price is also moving away from its cluster of moving averages including the 50, 200and 100 bar moving averages on that chart (green, black and blue moving average lines) between $236.60 and $238.42. The price would have to extend back above those moving averages and stay above to give the buyers some technical control.

Microsoft and Alphabet are not exactly benefiting as liquidation is being smashed.

• Microsoft is reaching a new 52-week low trading at the lowest level since January 2024. It’s shares are down -3.5% today
• Alphabet is trading at its lows low since October 2024. It’s shares are down -5.75% today

This article was written by Greg Michalowski at www.forexlive.com.