BTIG on Stocks: Expecting Turbulence into Seasonally Rough Period

BTIG's Jonathan Krinsky: "The three major cross-asset headwinds (dollar, rates, crude) continued their upward ascent last week, but it wasn't until Friday that equities appeared to notice (VIX had its lowest close since pre-covid on Thursday). With Friday's weakness, the SPX is starting to breakdown from a bear flag while threatening its one-year uptrend. This is all occurring as we enter the worst part of the year seasonally, with this week down 26 of the last 33 years. Small-caps remain stuck on their 200 DMA, and overall breadth is very weak considering we are more than 11-months past a major low. Overall we think volatility is likely to expand as we head through a historically very rough period."

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