Shares of Apple on Friday pierced a key technical level monitored by chart watchers, which could signal more declines to come for the technology giant's stock.
After flirting with a closely watched area on the charts that analysts refer to as the "death cross," Apple finally succumbed to relentless selling pressure that dragged it into bear market territory earlier this week.
The stock's 50 day moving average is now below its 200 day moving average, and is off more than 23 percent since scaling to a record high in September at $705.
Apple traded lower nine out of the past 11 weeks, erasing approximately $150 billion in market capitalization. Investors who once saw no shortage of reasons to buy the stock now seem to find any and every excuse to bail out of it.