Here is a chart of AAPL, AMZN, and the SPY over the last 3 years:
The 40% gains in the SPY look miniscule in comparison. And while AMZN is generally viewed as a huge winner, it hasn’t really done much in the past year. AAPL, on the other hand, has been the real differentiator in the past year.
I have laid out already why I think AAPL has topped out. I also think this time of year is when portfolio managers are most likely to rebalance portfolios, selling major winners like AMZN and AAPL. If so, no matter what happens tomorrow, these stocks will likely be playing catch-up on the downside between now and December.