Can the bull market keep going without Apple?

Apple CEO Tim Cook
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The recent pullback in Apple shares may have bigger implications for a stock market already struggling to break out of a trading range, according to investors.

On Monday, the tech giant's stock closed below its 200-day moving average, a key technical level it hasn't breached significantly since September 2013. The shares also posted their biggest intraday swing this year, moving 4 percent from high to low, a sign of confusion and worry among traders.

"Apple's decline in relative price performance is troubling," said Hugh Johnson, chairman and chief investment officer of Hugh Johnson Advisors, who points to the technical breakdown as something that fundamental analysts might have missed.

Shares of the world's biggest company, with a market value of $650 billion, have fallen nearly 14 percent from an intraday high of $133 reached July 20.