Strong likelihood S&P 500 moves toward 6,500, says BTIG's Jonathan Krinsky

Market Overview - The S&P and NASDAQ indices are experiencing strong trends and momentum, particularly in a seasonally bullish period during November and December [3] - There is a notable divergence in market internals, with 9% of the S&P hitting a 52-week low and 25% of the market within 10% of a 52-week low, indicating underlying weakness [4] Technical Indicators - The S&P has not touched the 50-day moving average in 145 trading days, marking the third longest streak since 1990 [2] - A potential test of the 50-day moving average is anticipated, with expectations that the S&P could reach around 6,400 to 6,500 before conditions are fully washed out [5] Sentiment Analysis - The put-call ratio is at year-to-date lows, suggesting a lack of interest in hedging and indicating complacency among investors [6][7] - The National Association of Active Investment Managers reported an exposure level of 100, the highest since July of the previous year, reflecting a potentially euphoric sentiment [8] Cryptocurrency Insights - Bitcoin is hovering around the psychological level of $100,000, with a previous support level at $110,000 now broken [9][10] - There is a noted relative weakness in Bitcoin compared to the NASDAQ, which raises concerns about its performance [11] Gold Market Analysis - Gold has seen a significant run, up about 51% year-to-date, but is currently extended and may be setting up for another leg lower [14] - The price of gold reached about 30% above its 200-day moving average recently, indicating a need for consolidation [13]