Apple's stock's move to within $3 of its 200-day moving average snapped BTIG technical strategist Jonathan Krinsky's eye earlier this week. The shares of Facebook have fallen 4.9% in the past month.
On Friday's trading, Apple shares rose 0.4% to close at 171.29, staying ahead of the 200-day moving average of $166.09.
Bonds, though, are key factors in determining the profitability of the economy. We have to fully see it in price action, he said, but there is potential for an inflection point.
Krinsky said the iShares 20+ Year Treasury bond ETF trading over 200% above its average daily volume, which was on pace to exceed the previous week's high, which was the second-highest volume day on record.
Krinksy wrote in a proselyte.
BTIG expects the correlation between bonds and stocks to eventually break, with bonds up, stocks down, but that is probably a 4Q trade at this point.