Memory cost surge sparks Apple's steepest drop since 2019Apple Inc.BATS:AAPLinkicho_exnessAAPL | 4H Technical Analysis — Jun 29, 2026 Apple raised prices on MacBooks and iPads by $100–300, citing an unprecedented surge in memory and storage demand driven by AI data center expansion, with component prices rising more sharply than at any point in the company's history. CEO Cook had previewed this in a June 17 WSJ interview, describing the memory price spike as a "100-year flood." The announcement triggered a 6.1% drop, the steepest single-day decline since 2019, on concerns that higher prices will dampen consumer demand. AAPL has been trading in a broad multi-month range between 245 and 315 since August, with the recent advance from the April low near 252 pushing to a fresh high near 315 in early June before reversing sharply. Price is currently trading around 280, with EMA21 (291.62) now below EMA78 (292.69), a bearish cross forming as today's gap down breaks through both moving averages. The rally from April to June was steady, clearing 265, 280, 290, and 300 before topping at 315. The reversal has been swift, breaking back below 300, 290, and now gapping through 280, wiping out roughly six weeks of gains in a single session. RSI at 36.82 has fallen sharply from overbought territory above 70 just weeks ago, reflecting the speed of the sentiment shift. Key levels to watch: Resistance: 290 (broken support) / 292.69 (EMA78) / 300 / 315 (cycle high) Support: 275 / 265 / 252 (April low) Bear case: Continued downside pressure on demand concerns could see price test 275 again and then the 265 area, which has acted as a pivot multiple times since last fall. A break below 265 would represent a more significant structural deterioration of the spring recovery. Bull case: A stabilization above 275 with RSI basing near current levels would suggest the move is a sharp but contained repricing event rather than the start of a deeper trend reversal. Reclaiming 290 and the EMA cluster would be the first sign that the gap is being absorbed. Bias is bearish in the near term — the gap down breaks key structural support and both EMAs, and with margin and demand concerns now in focus, the burden is on bulls to stabilize before 265 comes back into play.