Apple Inc. ($AAPL) has reached a new five-year low relative to the Nasdaq 100 index ($QQQ), underperforming the index by approximately 2-to-1 since August 2020. The stock has declined about 22% year-to-date and recently tested the 200 level, contributing to downward pressure on the $QQQ. Technical indicators show the Nasdaq 100 approaching overbought levels, with the Relative Strength Index (RSI) near 70, a range often signaling a market top. Short-term charts suggest the $QQQ is attempting to confirm a four-hour top while daily charts indicate resistance. Meanwhile, the broader market, including the S&P 500 ETF ($SPY), is at a critical juncture where daily top formations may either be confirmed or invalidated, influencing near-term market direction.