Based on highly negative developments in Europe and Asia in the past few weeks, as well as in global commodities markets, I believe that the US stock market is ripe for a significant correction that would take the S&P 500 down to the 1475-1500 region. This implies a correction of about 5%-7% in major index ETFs such as SPDR S&P 500 ( SPY) and SPDR Dow Jones Industrial Average ( DIA). Even greater downside is likely technology and small-cap focused ETFs such as PowerShares QQQ Trust ( QQQ) and iShares S&P 600 Small Cap Index Fund ( IJR). The downside target for Apple in this correction scenario would probably be in the $385-$390 range. All things being equal, I would consider such a decline in the broader market to constitute a garden-variety pullback within an ongoing cyclical bull market. Damage beyond that would probably have to be triggered by a major exogenous shock such as extremely bad news out of Europe, China, the Korean peninsula or the Middle East. At the time of publication the author had no position in any of the stocks mentioned. Follow @jameskostohryz This article was written by an independent contributor, separate from TheStreet's regular news coverage.