By Senad Karaahmetovic

BTIG’s Jonathan Krinsky reiterated his stance that the bears are in full control of the price action in equities.

Krinsky stated to clients in a note that conviction is more difficult in market downturns than it is in these markets’ counter-trend rallies.

According to the strategist, there is a risk that the sector Energy, which has been the most successful YTD, will reverse at the current level.

“We continue to think Energy (XLE) is vulnerable here and represents a very poor risk/reward for longs, and good risk/ reward for shorts,” Krinsky wrote.

The strategist provided support levels for 3,877, 3,850 and Friday’s lowest at around 3,807.