BTIG Joins the Ranks of Goldman Sachs and Castle Securities, Sending a Bullish Signal to the Stock Market

BTIG has become the latest institution to see the "light at the end of the tunnel" for US stock market investors, joining the likes of Goldman Sachs and Castle Securities in bullish sentiment. "The bottom has been formed, and we should now switch from defense to offense," said Jonathan Krinsky, BTIG's chief market technician, as the S&P 500 rebounded from the previous day's low. The analyst wrote in a report to clients that the S&P reclaiming the 6,800 level puts the index at a technical level that suggests it may bounce back from any new pullback, creating a "bear trap" for those betting on a decline. With the S&P 500 reestablishing key support levels, several sectors appear to have bottomed out.