By Senad Karaahmetovic
BTIG’s Jonathan Krinsky reiterated his stance that the bears are in full control of the price action in equities.
It's easier to have conviction in downside moves than in counter-trend rallies in this market, Krinsky told clients in a note.
The strategist sees the Energy sector, by far, the best-performing sector YTD, at risk of a reversal at current levels.
“We continue to think Energy (XLE) is vulnerable here and represents a very poor risk/reward for longs, and good risk/ reward for shorts,” Krinsky wrote.
As far as S&P 500 futures are concerned, the strategist outlined support levels at 3,877, then 3,850, and then Friday's lows around 3,807.