Thud. Investors returned from a three-day break on Tuesday in a pessimistic mood, as the S&P 500 SPX saw its biggest drop of the year.
The latest slide on Wall Street has left the stock market at “important support” but one which should provide a “reversal back higher,” according to a closely watched research boutique. He noted the low volume during Tuesday’s slide, which suggested the desire to dump stocks was limited. The S&P 500 remains up 4.1% in 2023.
The Chart Report’s Patrick Dunuwila made a similar point about what would happen if stocks fell further. He described Tuesday’s action as a classic “failed breakout.” For more market updates plus actionable trade ideas for stocks, options and crypto, subscribe to MarketDiem by Investor’s Business Daily.
Palo Alto Networks shares PANW are up after another beat-and-raise quarter from the cybersecurity company.