Strategists and technical analysts pointed to other signals in the market that helped fuel a sell-off that the outbreak had failed to trigger so far.A lack of market breadth is one area that showed weakness, JC O'Hara of MKM Partners said in a note to clients over the weekend. With the best performers this year being concentrated in a small group of tech stocks, a downturn for those stocks could result in a spill over to the broader market, O'Hara said.
O'Hara also noted that the market's slump at the end of last week brought the S&P 500 close to dropping below its 50-day moving average, a key level watched by technical traders. The index broke through that level on Monday as soon as trading began. Investor sentiment also seemed not to have priced in some of the risks from the outbreak, strategists said. The American Association of Individual Investors reported last week that 40.6% ofBruce Bittles of Baird said in a note to clients on Monday that investors seemed too complacent in recent weeks, making the market susceptible to a pullback.
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The wall don’t look so bad now does it
The period from infection to symptom showing keeps getting longer. It is time for an explanation. tt:CDCgov HHSGov WHO nytimes WashTimes RandPaul
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