Investors may want to take some money off the table when the market has bullish days, according to a technical strategist. BTIG’s Jonathan Krinsky said in a note to clients on Sunday that the S&P 500 is facing resistance around the 4,000 level and will have trouble building on gains from here. The broad market index traded briefly above that level on Friday before closing at 3,961.63. “SPX rose to 4,012 on Friday, a few points below the unfilled gap at 4,017 and down ~10% from recent lows. Our view remains cautious to reduce risks. above 4,000 because we are still within the confines of a bear market,” wrote Krinsky. “While we’ve seen a 4-week high since March, the paradox here is that the last two times we’ve seen this 4-week high, it signaled an exhaustion of the market. Demonstration.” The S&P 500 Index rallied more than 2.5% last week, its second positive week in three weeks, and Wall Street traders are trying to determine if the market bottomed out near 3,667 on May 16. 6. While the recent uptrend has eased investor concerns, there are still reasons to be skeptical of the recovery, including the lack of breakout moves among individual stocks. odd. Krinsky wrote that he “would like to see an extended 52-week high to signify a longer-term rally.” Similarly, MKM’s chief market engineering officer, JC O’Hara, said in a note Sunday that the “psychological number 4,000” appeared to be a bump in the road for the stock, but said that 4,200 is “the important sugar in the sand.” Wolfe Research strategist Rob Ginsberg wrote that the stock could trade around 4,000 for the next few weeks. Ginsberg writes: “Bears need to break 3919 to regain control in the short term, otherwise a move higher to 4150/4200 in the next few weeks will not surprise us. The S&P 500 index last closed above 4,000 on June 9. – CNBC’s Michael Bloom contributed to this report.