The firm listed 2,560 as a level to watch for the benchmark index.
Traders should be thinking about acting defensively with the potential that the S & P 500 is only on a temporary tear and facing more seasonal weakness soon, according to BTIG. Jonathan Krinsky, the firm's chief market technician, said there's a chance the S & P 500 is in a "false breakout," especially if the broad index dips below the April high of 5,260. From there, he said investors should be defensive and look to whether the index holds the 5,180 to 5,200 range.
Krinsky said the current bull market is "unprecedented," with less than three-fourths of Russell 3000 stocks trading above their respective 200-day moving averages. Market wisdom suggests that a stock trading above that average signals it's in an uptrend, so fewer shares above their 200-DMA can bode poorly. This is the second longest period in a bull market with such a low percentage of stocks above their 200-DMAs going back to 1995, per Krinsky.
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