Apple's seven-for-one stock split may spark a short-term selloff, Greywolf Execution Partners Chief Technical Analyst Mark Newton said Friday.

"The stock has gotten to nosebleed levels," he said. "I don't think the stock can make much progress before it pulls back."

On CNBC's "Fast Money," Newton said that the stock, which had been up more than $135 in just the last 35 trading days, has gotten extremely overbought.

"For people initiating new positions here, it is going to be difficult to make money in the stock in the near term," added Newton.

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But he believes the long-term fundamentals are intact.

The stock is set to open at $92.22 on Monday. It's the first time in more than five years that the iPhone maker will trade for less than $100 a share.