BTIG: S&amp;P 500 FACES BIGGEST DOWNSIDE RISK SINCE APRILBTIG warns the S&amp;P 500 is most vulnerable to a pullback since April lows, citing stretched valuations, weakness in high-volatility and retail stocks, and private equity’s sharp drop. Investor complacency is rising, with low put/call ratios and surging speculative names.A test of the 50-day moving average (6446) would mark a ~3.8% decline—typical of past years. Risks also stem from crypto’s divergence, lagging sectors like travel and trucking, and Europe’s fragile outlook. Still, BTIG sees any pullback as a potential buying opportunity into year-end.