"The correlation between Apple and biotech is outstanding," technical analyst Carter Worth said Friday on CNBC's "Options Action." In what he's dubbing the "king and queen" of the market, Worth said, "The way the two act, you'd think nothing else in the market mattered."
Shares of Apple and the Nasdaq Biotech ETF, the IBB, have rallied in tandem this year, up 18 and 20 percent, respectively, while the broader S&P 500 index is up just 2.5 percent in the same period.
"In the context of a U.S. equity market that literally is stuck in its tracks—and has been stuck for months. And despite [Apple and biotech] being up considerably more than the market year to date, both, by our work, are headed higher still," added Worth, head of technical analysis at Cornerstone Macro.