Capitulation, Or Just The Opening Act? BTIG's Krinsky Says It's Hard To Bottom When Breadth Is Topping

Well, that didn't take long.

At 7:35am this morning we asked, courtesy of BTIG's chief technical strategist Jonathan Krinsky, "What Happens When The Music Stops?" By 4pm we had the answer: every single S&P sector in the red, an estimated $2.8 trillion in market cap gone in one session, the VIX at its highest since April and the Philly semis index down 12%, its worst day since 2020.