BTIG：标普500指数面临自4月低点以来最大下行风险

Core Viewpoint - The S&P 500 index is facing its largest downside risk since the April low, driven by high market valuations and signs of weakness across multiple sectors [1] Market Conditions - High volatility stocks have reached historical highs but are now beginning to reverse downward [1] - Retail investor preferences and several sectors are showing similar declining trends [1] - The private equity market is also experiencing a downturn [1] Investor Sentiment - Investor sentiment surveys are on the rise, indicating increased speculation in certain assets [1] - Speculative assets are showing parabolic increases, suggesting a potential bubble [1] Risk Factors - There is a divergence between cryptocurrencies and the stock market, which poses additional risks [1] - Bitcoin has historically been closely correlated with the Nasdaq 100 index, but it has weakened over the past two weeks, indicating potential downside risk for the NDX [1]