On February 27, 2026, Apple Inc. (AAPL) faced a relentless bearish session, characterized by a steady "stair-step" decline throughout the day. After an early morning peak of $273.18, the stock fell consistently, losing its 20-period SMA and hitting a daily low of $262.89. The index struggled to find meaningful support, eventually closing near its lows at $263.75, marking a significant 3.37% daily loss.
The derivatives market for the $272.50 strike (expiring March 2) saw explosive gains for bears and a near-total wipeout for bulls:
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$272.50 Put Option: These contracts were the primary beneficiaries of Apple's weakness. From an early low of $2.02, the puts skyrocketed to an intraday high of $9.06—a massive +325.74% gain. The MACD on the put chart showed powerful bullish momentum, with the price closing strong at $8.60 as the stock moved deep "In-the-Money".
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$272.50 Call Option: Conversely, call holders suffered a catastrophic session. After an early high of $2.45, the premium evaporated as the stock moved further away from the strike price. By the market close, the calls had cratered 95.77%, settling at just $0.11.
The technical indicators confirmed the heavy selling pressure, with the underlying stock's MACD staying pinned in negative territory for the majority of the afternoon. The high-volume selling toward the close suggests that traders were positioning for further downside, leaving call premiums decimated while put values hit their session highs.
