A group of popular Wall Street technicians all see more pain ahead for stocks.
As U.S. stocks continued to slide on Monday, a handful of technical analysts warned their clients to brace for more pain ahead during the coming weeks as 3,900 emerges as the new the line in the sand for the S&P 500.
“At this point we do not expect the June lows to be broken, but a meaningful break under 3,900 would have us re-evaluate that thesis,” Krinsky said.Since the start of the year, U.S. stocks have had a tendency to chase momentum, exacerbating moves both to the downside and the upside. Based on this, Nicholas Colas, co-founder of DataTrek Research, pointed out on Monday that Friday’s drawdown marked the seventh time this year that the S&P 500 has fallen by 3% or more in a single session.
Krinsky also highlighted some discouraging trends in Apple Inc. AAPL , one of the market’s most consequential stocks thanks to its massive market capitalization, which is north of $2.5 trillion. Finally, John Kosar, chief market strategist at Asbury Research, announced to clients on Monday that its tactical “correction protection model” has shifted to “risk off” territory, after spending a month in “risk on.”
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