Chart Watchers See Risks of S&P 500 Correction Amid War Jitters
Stock market information on the floor of the New York Stock Exchange, on March 3.
Photographer: Michael M. Santiago/Getty Images
For two straight days, US stocks have started deep in the red as the war in the Middle East turned investors risk averse. Both times dip buyers rode to the rescue midday, wiping out much of the earlier drops.
It’s a curious market for investors who have turned defensive. For chart watchers, the trading smacks of complacency. Technicians say that some key levels have been tested, and while they have for the most part acted as support, more choppy trading could cause them to erode.