Apple Inc. (NASDAQ:AAPL) shares closed on Monday about 16% off their year-to-date highs — not a major drop in the bigger picture, but investor sentiment (according to my proprietary readings) remains worryingly high. To be sure, even with Monday’s 2.6% drop in the S&P 500, AAPL stock “only” shed 2%.

Ultimately, however, the dynamics of Apple stock’s large market cap and presence in just about everyone’s portfolio stands a good chance of weighing on AAPL stock more in the near to medium-term.

After Monday’s broad-market selloff, the benchmark S&P 500 is now lower by nearly 12% since the highs in May. As I often point out, correlation among stocks and sectors tends to spike during risk-off periods. This fact alone makes it unlikely that shares of Apple stock will be able to buck the trend and somehow shoot higher as global risk assets get dumped.

Read my full analysis by clicking on the below chart


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