Apple's stock fell for the fifth-straight session Monday dragging the Nasdaq lower.
The stock hit a milestone last week when its market value reached $600 billion, making it the world's most valuable company.
A variety of concerns have been nagging at Apple stock. Apple in the last month received a number of upgrades, but last week BTIG downgraded it, raising concerns about iPhone pricing and the ability of customers to upgrade.
Another negative was the Department of Justice suit last week against Apple and five publishers, saying they colluded on ebook pricing. Three of the publishers have settled.
“If that were to balloon in an activist type of government, you’d have an overhang on the stock,” a trader said.
There is also the technical pressure on the stock that ran up quickly, and to some traders, has built up too much a head of steam.
“I would say if this stock can’t close up above $595 today, you have a case for further downside. If not you have people who missed it when it broke up in the middle of March who might be buyers or covering their shorts,” the trader said.
He also noted that Apple is reporting earnings April 24. “If they blow out earnings, what’s the upside? Is it going to $700 or is it going to $650? That’s going to be the question people have to ask.. Is it already in the numbers?”
Many analysts have been predicting that the iPad and iPhone maker's stock will continue to reach fresh records.
Apple has “room to go higher,” Pacific Crest Securities analyst Andy Hargreaves told CNBC last Tuesday. But “I think the return expectations have to be dramatically reduced. It is a massive company at this point.”
With Apple stock up almost 45 percent since the beginning of the year, Apple's drop today "...could be a simple "collapsing" on its own weight given the year-to-date move," Brian Marshall, an analyst for ISI Group, wrote.
Apple shares hit a record of $644 on April 10, with a market cap of $600.4 billion. The stock hit an intraday low Monday of $582.30, bringing the market cap down to $542.9 billion.