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BTIG warns of a 5% stock market pullback in the coming weeks

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Stock Markets,S&P 500 Index,U.S. 10 Year Treasury

The S&P 500 suffered its first three-day decline since early September. BTIG thinks there may be more near-term downside ahead.

The S & P 500 suffered its first three-day decline since early September.

thinks there may be more near-term downside ahead. Chief market technician Jonathan Krinsky noted a "decent probability" the broad market index could fall as much as 5% to roughly 5,500 in coming weeks. The S & P 500 has pulled back this week from record highs reached just Oct. 17. On Wednesday, the benchmark used by most professional investors closed at 5,797.42. Krinsky pointed to the recent move higher in Treasury yields as the key catalyst.

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