Published: Aug 4, 2015 10:38 a.m. ET
Crumbles by commodities and the Colossus of Cupertino have been getting much of the blame for the stock market slumping in seven of the past 10 sessions.
“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 value, so goes the whole U.S. stock market. Or at least a further slide by Apple would act as a mighty powerful brake on the S&P 500 SPX, -0.05% SPY, -0.06% , where it’s about 4% of the benchmark, and on the growthier Nasdaq 100 NDX, -0.44% QQQ, -0.43% where it’s a 14% chunk.
So, what’s the matter with Apple AAPL, -3.06% ? 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.
Also, Apple has entered into what’s often called “correction territory,” by dropping more than 10% from its peak. Go here for more on the iPhone maker’s technicals, from one of MarketWatch’s resident chart nerds, Tomi Kilgore.
Nyquist suggests Apple, which closed at $118.44 on Monday, could tumble into the $109-to-$115 range — an area the tech giant jumped out of in January, after quarterly results crushed forecasts.