Apple Inc. (NASDAQ: AAPL) shares are unchanged at $118.30 in Tuesday's session, despite the rally in the broad market. One factor for the relatively weak performance may be the continuing concern over iPhone sales heading into 2016.

After a higher open, it immediately peaked at $118.81 and began to move lower while the S&P 500 index surged towards the 2100 level. The ensuing decline found support in the same area as it had over the previous three sessions.

Over the last three days, it bottomed between $117.60 and $117.92 at $117.82. Since making the low it has been zig-zagging above and below Monday's close of $118.30.

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

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