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Why the S&P 500 will drop 5% in the coming weeks, technical analyst says

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BTIG 's Jonathan Krinsky sees the market as set up for a "sell the news" event related to the election.

Krinsky cited volatile moves in the dollar and Treasury bonds as core catalysts for an impending pullback.

Similar volatility in the fall of 2022 and 2023 caused the S&P 500 index to drop 19% and 11% .