Apple has suffered a blow in recent weeks, extending a drop sparked by quarterly earnings and doubts about the company's sales. And according to one trader, Apple's decline could mean trouble for the overall market.
Gordon said Apple is threatening to break an uptrend that has been intact for the last two years, as the stock hovers around $115. If Apple continues to push through that level, Gordon said the next level to watch will be $100.
Apple has fallen almost 6 percent in one week, but bounced back slightly on Thursday, trading up 0.3 percent at just above $115.
The tech giant makes up more than 13 percent of the NASDAQ 100 Index (QQQ), which is up about 7 percent year-to-date. According to Gordon's charts Apple's performance used to lead the QQQ, but the company has lost the ability to drive stocks higher over the last two years.
According to Gordon's chart, the ratio between Apple and the QQQ peaked around June 2012, and has yet to return to that high of about 0.29. The ratio currently sits at about 0.25, Gordon's chart showed.
Gordon said that although other sectors may continue to push stocks higher, Apple's downturn will put pressure on the QQQ, especially if it breaks the $115 support level, he said.
"That could weigh heavily on the NASDAQ but not until we start to break support levels in the NASDAQ do we want to throw the towel in on the overall market," Gordon said.
Out of 51 analysts, 73 percent have a "buy" rating on Apple, with an average price target of about $145.
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