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The stock market is primed for a short-term bounce, but correction still not over

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Wall Street technical analysts expect equities may see a tactical bounce after recent declines. The S&P 500 is coming off its worst week in more than a year.

The stock market is poised for a short-term bounce, but technical analysts who watch price charts warn that the correction is not yet over. Stocks were higher on Monday, attempting to recover or at least steady after last week's losses, when the S & P 500 posted its worst week since March 2023.

But other technicians held a view similar to O'Hara's. On Saturday, Oppenheimer's Ari Wald wrote that stocks appear "tactically attractive," but that the market now "needs to base." He anticipates the S & P 500 could find support down at 4,800, and may not find a true bottom for several weeks. He added that Treasury yields have to stop going up in order for equities to start rising again.

 

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