Since June 2015, Apple stock has carved out a large head and shoulders pattern. This is a classic bearish setup. This week, it took out the neckline at 104.63. Any rallies were quickly sold off and a weak psychological support at $100 is currently under assault and is all that's keeping it from crashing through to the low 90s where the 200 week moving average lies. If that fails to hold, the equity markets are in big trouble. The last time AAPL traded under that moving average was during the Lehman crisis.