Can Market Decouple from Apple?

The simple answer is NO. I am going to quickly show you why.

AAPL:

Highest valued company in the world (by market cap)
20% of NASDAQ 100
5% of S&P 500
Accounted for 1/3 of Tech Sector's 20% gain this year
Sole reason for Tech Sector's earnings growth of 7.5% in 1Q2012 (0% without it) and 6.7% revenue growth (2.3% without it)

Some may ignore these facts at their own peril. AAPL has become "the proxy for the whole market" (pardon my sarcasm).

The chart may be telling us something... Head and shoulders has formed. If 570 neckline gives, price may fall to 548 and 526 supports.

click on charts to enlarge