The S & P 500 may be due for a pullback, but some individual names could be relative outperformers, according to BTIG.
Last week, the S & P 500 dropped nearly 2% in its worst week since April as investors rotated out of megacap tech leaders and into smaller names.
Jonathan Krinsky, chief market technician at BTIG, said in a Monday note that those choppy moves could continue from here.
If we look at the calendar right now, that makes the most sense to us with a huge week on the macro and micro front next week," Krinsky wrote.
"We think a consolidation this week in the 5450-5600 range is likely before the next meaningful move occurs," he said.
Persons:
Jonathan Krinsky, Krinsky, Blackstone, AppFolio
Organizations:
Apollo Global Management, Blackstone, Garmin, Health, Globus
Locations:
BTIG