The value of Apple's stock increased to below $3 of its 200-day moving average, grabbing BTIG technical strategist Jonathan Krinsky's eye earlier this week. The tech giant's stock has dropped 4.9% in the past month.
Apple shares rose 0.4 percent to close at 171.29, ahead of a 200-day moving average of $166.09.
Bonds, however, are crucial. but we have to fully see it in the price action, he said.
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.
Writer Krinksy wrote.
BTIG expects that the correlation between bonds and stocks will eventually break, with bonds up, stocks down, but that is probably a 4Q trade at this point.