"Last Man Standing": BTIG Warns Mag7 Is All That's Left Holding Up The S&P... And Everyone Already Owns It

Memory has cracked, semis are on track for a sixth straight down day, and the median stock is deep in a bear market. Yet the S&P sits a few points from a record. There's one reason for that, and according to BTIG's Jonathan Krinsky, it's also the biggest risk in the market.

In his latest technical note, "Last Man Standing" (available to pro subs), Krinsky points out that after Monday's lowest non-holiday SPY volume since 2003, the index is being propped up by one cohort alone:

The Only Chart Still Making Highs