BTIG Chief Market Technician, Jonathan Krinsky, Quoted by MarketWatch – “US Stocks Finish Slightly Higher Gaining Back Some Ground After Worst Week of 2023”

BTIG Chief Market Technician, Jonathan Krinsky, wrote in client a note:  “While it was holiday shortened, the [S&P 500] suffered its worst decline of the year last week (-2.67%) as momentum continues to rollover. As a result, it essentially tested its 200 day moving average (3940) and got down to the high volume zone (3925-3950) of the last few years. While these areas are likely to provide some support in the near-term, we expect an eventual breakdown below which would open the door to Dec. lows (3775).”