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Oil Rally Evaporates After Touching the Highest Since March



Brace for another selloff if U.S. stocks reach this technical ‘danger zone’

According to Jonathan Krinsky, a market technician at BTIG, the new “danger zone” for U.S. stocks corresponds roughly with the 50-day moving average for the S&P 500 , which is presently right around 4,275 although Krinsky believes equities would meet resistance slightly earlier at around 4,250, which is the top end of the “summer chop” range he anticipates. Because of this, Krinsky expects a swift bout of counter-cyclical reversion – where technology stocks lead markets higher, a dynamic that has already been witnessed during the past week – to be the near-term catalyst for a rebound in stocks.

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