The behaviour of Apple is one of the most important considerations in the current market.
Last week there was quite a significant surge up and reversal in Apple. The stock fell $40 off the high. However, the parabolic top is not yet complete. Mathematically these tops are predictable, and tend to finish stronger than what we saw last week with a spectacular phase and vertical finish.
Apple is correcting now, and is anticipated to decline further to test the red fork next at $480 or a little lower. The final parabolic top is targeted at $578 in early March.
Apple closed red on Friday, and is already leading down, and this is a reason to be bearish for the coming week. SPX has been hovering at the midfork. As Apple corrects, SPX is due to at least test the orange trend line at 1324-1328 around February 27th.