AAPL is showing another negative divergence as it trades down the last several days here.

PPO histogram is flashing another negative divergence as it did last Oct thru Nov 2014.

PPO also close if not already giving sell signal as the lines are crossing to downside. Relative strength is at new highs and rolling over.

Chart shows stock holding so far at the 13 ema with support at the 120 area, with next stop possibly at the 116 area near the 50 ma. 

Relatively low IV would suggest a April put debit spread maybe the 125/130. This is just a suggestion here so be aware of any risks. Longer term debit spreads if bearish could be used along with long puts as a proxy for the stock.

Tickers: AAPL