An August pullback in the 2023 U.S. stock-market rally hasn’t exactly come as a big surprise, with even some of Wall Street’s biggest bulls having argued there was scope for some consolidation.
Earlier: A stumbling stock market faces a crucial summer test. Here’s what will decide the bull’s fate. The rise in yields “would need to threaten to ‘break something’ or there would need to be an additional exogenous shock,” Lee said. Second, stocks are technically oversold, with a gauge known as the McClellan Oscillator dropping to -50. That’s happened just 39 times since 1990 and 51% of the time, stocks bottomed within five days, and 72% of the time bottomed within 15 days, Lee said.
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