On February 26, 2026, Apple Inc. (AAPL) experienced a sharp morning rejection that set a bearish tone for the remainder of the session. After hitting an early intraday high of $276.11, the stock faced significant selling pressure, gapping down toward a mid-morning low of $270.80. While the price attempted a steady "stair-step" recovery in the afternoon, it ultimately failed to reclaim its opening levels, closing at $271.70 with a daily loss of 0.92%. The 1-minute chart shows the price struggling below its 20-period SMA for much of the day, with a negative MACD crossover at the open confirming the shift in momentum.
The derivatives market for the $275.00 strike (expiring Feb 27) saw extreme premium erosion for bulls:
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$275.00 Call Option: These contracts were decimated by the stock's inability to hold the $276 level. After peaking at an early high of **$2.82**, the call value plummeted as the stock moved out-of-the-money, eventually hitting a low of $0.41. By the market close, the calls settled at $0.71, representing a massive 63.59% loss for intraday buyers.
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$275.00 Put Option: In contrast, the puts capitalized on the morning volatility. They spiked from an early low of $1.66 to a daily high of $4.64 as the stock bottomed out. Although a portion of these gains was surrendered during the afternoon recovery, the puts managed to close in positive territory at $2.65, a modest 1.53% gain that reflected the market's underlying bearish bias.
Ultimately, the session was defined by high-volume selling at the open and a slow, low-conviction accumulation phase in the afternoon. The persistent negative histogram on the stock's MACD through midday suggests that institutional sellers were active during the initial drop, leaving call holders with significant "theta burn" as the week drew to a close.
