Investing.com -- U.S. equities may be showing resilience in the face of macro shocks, but parts of the market are beginning to look increasingly vulnerable, according to BTIG strategist Jonathan Krinsky.

Krinsky notes that the S&P 500 has held up better than expected despite a sharp surge in oil prices and a weak labor market reading.

“If you told us a week ago that WTI crude was going to go from $67/bbl to $92/bbl and nonfarm payrolls would print -92k vs. 55k consensus, we would have said SPX would be firmly below 6,700. Yet it held up fairly well after two downside tests of 6,700,” he wrote in a Sunday note.

Still, confidence that the index can continue holding that level has diminished, Krinsky says. A decisive break below 6,700 could open the door to a test of the 200-day moving average near 6,582, implying roughly another 3% downside.

Energy markets have also moved to extremes, which could carry broader implications for equities. “WTI crude at one point on Friday was 45% above its 200 DMA,” Krinsky notes, a level that has only been reached during a handful of periods in the past four decades, including the Gulf War and the Russia-Ukraine conflict. Both instances proved to be short-lived rallies.

Elsewhere, in credit markets, investment-grade spreads have widened to their weakest levels since last spring, while private credit jitters are also increasing, developments that could coincide with a break lower in the S&P 500 if they continue to deteriorate.

Within equities, Banks have managed to hold their 200-day moving average, though Krinsky says the broader financials sector “is clearly weaker” due to exposure to insurance and private credit businesses.

At the same time, software stocks have shown relative strength, with the IGV (NYSE: IGV) software ETF rallying more than 7% last week and potentially having room to move toward the $95–$100 range.

Semiconductor stocks, by contrast, appear to be losing momentum after a strong rally, and Krinsky expects software to outperform the group in the coming months.

On the other hand, the most vulnerable area within semiconductors may be memory manufacturers.

“The memory names in particular look quite vulnerable to us here having made a small top, but with a long way down before meaningful support,” Krinsky said, pointing to SanDisk (NASDAQ: SNDK), Micron Technology (NASDAQ: MU), Western Digital (NASDAQ: WDC) and Seagate (NASDAQ: STX) as stocks that currently look “precarious.”