Apple Testing 50-Day Moving Average; Down Over 2%

The shares of Apple AAPL have declined steadily on today's trading session and the stock is currently down 2.6% or $15.13. This decline has taken Apple near its 50-day moving average around $570. Apple tested this key technical in the beginning of the week and a failure to close above it could be seen as a bearish signal. If this happens, the next support level can be found around the $550 level. Just 10 days ago, Apple reached its all-time high of $644 per share and has lost 10% of its value since then. As a result of Apple's decline, PowerShares QQQ Trust ETF QQQ, which tracks the Nasdaq index, has fallen over 2% in 10 ten days.