Max Pain Market
The squeeze vs. the trap
The violent equity rebound has brought SPX back into its familiar range, with the positioning reset providing a powerful tailwind. Shorts have been squeezed, volatility has collapsed and systematic exposure has been slashed. The ingredients for further upside remain in place. But beneath the surface, technical damage is substantial, semiconductors are still calling the shots and BTIG's Jonathan Krinsky is warning that violent momentum rebounds have historically been terrible signals for durable bottoms. Is this the start of a sustainable recovery, or just another brutal bear-market squeeze?