Continued Apple swoon could crush this market

“Crumbles by commodities and the Colossus of Cupertino have been getting much of the blame for the market slumping in seven of the past 10 sessions,” Victor Reklaitis reports for MArketWatch. “‘If AAPL doesn’t find its footing soon, it may risk a deeper drop,’ writes Andrew Nyquist, over at See It Market.”

“And as goes the largest company by market cap, so goes the whole U.S. stock market,” Reklaitis reports. “Or at least a further slide by Apple would act as a mighty powerful brake on the S&P 500, where it’s about 4% of the benchmark, and on the growthier Nasdaq 100 where it’s a 14% chunk.”

“So, what’s the matter with Apple? For the first time since September 2013, the tech giant’s stock has knifed under the closely watched 200-day moving average. Many chart lovers use that as a guide to a stock’s long-term trend,” Reklaitis reports. “Also, Apple has entered into what’s often called ‘correction territory,’ by dropping more than 10% from its peak. Nyquist suggests Apple, which closed at $118.44 on Monday, could tumble into the $109-to-$115 range.”

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