U.S. Treasuries have likely reached a bottom. But stocks have not.

U.S. Treasuries have likely already reached a bottom, while stocks have more room to fall, according to Jonathan Krinsky, chief market technician at BTIG.

Long-term Treasury yields have recently climbed to over-a-decade highs, with the 30-year Treasury yield BX:TMUBMUSD30Y rising over 5% on Friday to its highest level since 2007, according to Dow Jones market data. The U.S. Treasury market is closed on Monday for Columbus Day and Indigenous Peoples Day.

For stocks, Krinsky said they continue to expect the S&P 500 to fall below its psychological level at 4,200, while it won’t be surprising for it to test its 20-day moving average at 4,357 early this week.

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