On February 23, 2026, Apple Inc. (AAPL) showed remarkable resilience compared to the broader tech sector. While indices like the QQQ struggled with tariff-related volatility, Apple gapped up significantly from its morning low of $263.06. The stock maintained a steady "stair-step" climb throughout the morning, eventually reaching a daily high of $269.43 shortly after 1:00 PM. This bullish price action kept the stock consistently above its 20-period SMA, signaling strong institutional support even as other tech giants wavered.
The derivatives market for the $262.50 strike reflected this aggressive bullishness. The Call options saw an explosive surge, rising from a morning low of $2.10 to a peak of $6.90—a massive 228% gain for intraday traders. Even as the stock cooled off in the afternoon to settle at $267.49, these calls maintained a significant portion of their value, closing up over 22% on the day. The MACD for the stock confirmed this momentum, showing sustained positive histograms during the mid-day rally.
Conversely, the Put options were decimated by Apple's strength. After an early morning spike to $2.31 when the broader market looked weak, the puts entered a relentless downward slide. As Apple broke toward its $269 high, the put value cratered to a low of $0.53, representing a 77% loss from the daily high. By the close, the puts saw a minor "dead cat bounce" to $0.96, but remained deeply in the red as Apple successfully held its technical breakout levels.
