Apple pulls back from record highs as $335 support comes into focus

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Apple tests support near record highs

Early iPhone demand sends mixed signals

The launch of the iPhone 18 Pro is gradually moving into the background as a market driver, while the first signs of actual demand are becoming the main factor. The new Pro and Pro Max models went on sale on September 18, and from September 25, sales are expanding to another 20 countries and regions. So far, the picture remains mixed. JPMorgan previously noted that initial delivery times were shorter than a year ago, while Morgan Stanley pointed to waits of two to four weeks for some models despite higher production volumes.

At Apple Stores and some U.S. carriers, delivery delays for certain Pro Max configurations are already extending into October, so the market currently appears to be seeing steady demand, but not clearly exceptional or euphoric demand.

Strong fundamentals meet AI expectations

Fundamental factors remain strong, as Apple’s revenue in the latest reported quarter rose 16% year over year to $109.4 billion, while EPS increased 29% to $2.02, and iPhone, Mac, and Services all set new records for the June quarter. Gross margin reached 50.1%, although around 2 percentage points came from tariff refunds, so in the coming reports the market will be watching closely to see how sustainable margins remain without this effect.

Another supportive factor is the launch of Siri AI and the expansion of Apple Intelligence in iOS 27, as this gives the company an opportunity to tie the device upgrade cycle more closely to AI features rather than relying only on hardware improvements.

$335 support becomes the key near-term level

However, the risks should not be ignored. The first is the high valuation after the rally toward record levels. At these prices, even moderately weak iPhone sales data could trigger sharp profit-taking. The second risk concerns the regulatory environment. In the EU, Apple has already agreed on a new set of terms for developers, including replacing the Core Technology Fee with a 5% commission on digital transactions outside the App Store starting October 1.

This reduces some of the legal uncertainty, but at the same time continues to put pressure on the previous economics of the App Store. As a result, AAPL’s next move will largely depend on whether iPhone 18 Pro sales confirm current expectations.

The current decline from the high, although it should not yet be viewed as a trend reversal, is still a negative signal for bulls, as the risks of a break below support around $335 and a decline toward $330 have increased. Nevertheless, as noted in Apple holds near $336 as markets assess the strength of the iPhone 18 cycle, buying interest could emerge if the price falls into that area, and only a break below this support would be capable of worsening AAPL’s medium-term outlook.

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