Last week’s selloff was the “appetizer” and BTIG says this week may be the “main course”

seekingalpha
2024-11-04

TERADAT SANTIVIVUT

Wall Street watched the benchmark major averages (DJI) (SP500) (COMP:IND) each make a noticeable shift lower last week and BTIG’s Jonathan Krinsky indicated that the leg lower may just be the “appetizer” and that this week may be the “main course” as BTIG anticipates further downside market pressure.

“While there was finally a little shakeout last week, we continue to see risk into the 5500-5650 zone for SPX where there is better support. If last week was the appetizer, this week should be the main course with the election followed by FOMC,” Krinsky said.

Furthermore, the financial firm spotlighted that the Consumer Confidence survey shows the highest percentage of participants (51.4%) are anticipating stocks to increase in the year ahead. “Something that makes us say: hmm.”

At the start of the week the benchmark S&P 500 trades near 5,711, while the blue-chip Dow hovers near 41,902, and the tech heavy Nasdaq Composite sits near 18,122.

For traders and investors aiming to track the pulse of the broader financial market amid the upcoming U.S. election and FOMC meeting, here are some exchange traded funds that mimic the broader markets.

Market Tracking ETFs: (DIA), (DDM), (UDOW), (DOG), (DXD), (SDOW), (SPY), (VOO), (IVV), (RSP), (SSO), (UPRO), (SH), (SDS), (SPXU), (QQQ), (QQQM), (QLD), (TQQQ), (QID), and (SQQQ).

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