The S&P 500 (SPY) (IVV) (VOO) remains close to record highs, but BTIG technical strategist Jonathan Krinsky says a growing number of market internals are starting to “rhyme with 2000.”
Krinsky said the most obvious warning sign is the widening
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Quick Insights
There is widening divergence within indexes, with many stocks underperforming despite index highs, similar to behavior seen in 2000.
Semiconductor and bank indexes show weakness; many constituent stocks are far below their peaks, signaling underlying vulnerability despite broader index strength.
BTIG sees potential for near-term tech outperformance, but increasing dispersion and historical parallels with 2000 suggest caution is warranted for the medium term.