Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Apple Inc. AAPL shares were trading lower by $4.40 at $114.04 in Tuesday's session. After losing two key technical levels on Monday -- its 200-day moving average and its pre-earnings low -- the issue is having major follow through to the downside.
Related Link: Apple Shares At Critical Juncture: Will It Pop Or Will It Flop?
After trading lower for all of the pre-market session, it opened at Monday's low ($117.52) and managed only a brief pop to $117.70 before sellers flooded the issue.
So far, it has reached $113.25 and has rebounded over $114. That marks the lowest level for the issue since it bottomed on January 27 at $109.13. The following day, it rallied over $6 off a huge Q1 beat.
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