Apple shares have tanked over the past week, and the chart has fallen below a key technical indicator for the first time in years.
With the stock finishing Monday at $93.64 after falling as low as $92.40, Apple is poised to close below its 200-week moving average for the first time since 2009. For technical analyst Rich Ross of Evercore ISI, that is a worrying sign.
The index, which averages the last 200 weekly closing prices has "only been breached one or two other times, and that was in the depths of the financial crisis," Ross said.
Meanwhile, its 200-day moving average is far above current levels.
"We have a clear breakdown below that 200-day moving average and on that snapback rally we fall into that 200-day as resistance," Ross said Monday on CNBC's "Trading Nation." "That's the hallmark of a stock that wants to go lower."
Another telling stat speaks to just how unremitting the recent declines have been. On Monday, Apple completed its first eight-day losing streak since July 1998.
However, Ross believes that from a longer-term perspective, Apple could be attractive.