The charts usually tell the story much better than words or opinions based on emotions. And what does the Apple chart tell us? It is heading down…seriously.
Apple is the benchmark for some of the popular stock indices. Because it is the highest capitalization stock in the indices, it carries the greatest weight. Therefore, when the stock can no longer be supported because of big selling pressure, it is bearish for the stock market.
The chart below shows a long sideways pattern since February 2015. That support has now been broken.