The odds of the broader market seeing a choppy summer are declining as odds of a June swoon rise, according to BTIG. "We have recently been expecting a ‘summer-chop’ in the 3,800-4,250 zone before an eventual breakdown towards 3,400-3,500. We thought a momentum reversion where winners got bought and losers sold would create chop at the index level, but last week is a reminder that the risk continues to be to the downside," technical strategist Jonathan Krinsky wrote in a note. "The summer-chop scenario is still in play as long as 3,800 holds, but the odds of a ‘June Swoon’ straight to 3,400 have gone up significantly, in our view." "There are now just a quarter of S&P 500 (SP500) (NYSEARCA:SPY) stocks above their 200 DMA, the lowest for this cycle," Krinsky said. "However, we are still not to what we would consider washout levels. The main hideouts remain Energy
Coinbase Challenges WBTC Delisting Lawsuit
