S&P 500 fell by 1.42% yesterday as tech stocks tumbled
Greg had the list of names here when the closing bell rung, and overall it's a real snag of a day for US equities - falling the most since the February swoon.
The S&P 500 broke the recent wedge that was forming, but there is reason to believe that the drop here is not going to be as ugly as what we saw at the start of February.
Yesterday's bashing was largely due to tech stocks taking a hit, not really the kind of broad contagion effect that is plaguing the entire market. Besides that, we still have the FOMC meeting coming tomorrow - so it's pretty much keeping traders pondering still on the outcome.
But the bigger thing to look out for is that we're approaching earnings season - typically the first two weeks in April - and forecasts continue to show that this year's earnings and revenue are going to surpass that of last year.
That is something that traders and investors will lean on for support. Bloomberg talked a little on that and more here.
So, while the break of the wedge looks to be a little worrying. The key support at the 100-day MA (red line) and the month's low at 2,647.32 still needs to be breached before you can really call it broken.
