The stock market could see further damage if one key index can't hold an important technical level, according to Bank of America investment strategist Michael Hartnett. Looking at several key indexes, Hartnett said in a client note Thursday that selling pressure has persisted even in less tech-sensitive parts of the market, specifically citing the S & P 500 Equal-Weighted index.
The index is weighted 28% to the information technology sector, by far the most of its 11 sectors, so the 9% slide in the sector over the past three months has an outsized impact. Hartnett's outlook comes during a seesaw year for Wall Street. He noted that Wednesday's release of a stronger-than-expected GDP report for the third quarter was greeted by a huge market sell-off.
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