Market Becames More Reliant on Apple

The stock market has spent the past three months becoming ever more reliant on Apple. As a result of Apple's relative strength, it is now 24.15 percent of SPDR Technology (XLK) and 11.64 percent of the QQQ. Microsoft is 21.91 percent of XLK and 10.09 percent of QQQ. The next largest holding in each fund is Nvidia 3.76 percent and Amazon 6.76 percent.

If Apple plunged to $110 this summer, it would't violate the uptrend in place since 2002. Microsoft could be cut in half and it wouldn't violate an uptrend in place since its IPO in 1986.