According to BTIG ResearchtrikbuffalokingmegawaysBefore the bulls take full control of the stock market, pessimistic investors basically have only one key level left to defend.
Jonathan Krinsky, chief market technical analyst at BTIG, said U.S. stock bulls were "clearly controlling the market" and the S & P 500 was above its downtrend and 50-day moving average.
trikbuffalokingmegawaysHe said there is only one number left for short sellers to remain below the broader index: the 76% mark of the S & P 500's recent declinetrikbuffalokingmegaways.4% retracement level, in which case the S & P index will be around 5191.
"Obviously bulls are thriving in this market," Krinsky said.
