S&P 500 Charts Are So Bad Even Bulls Are Looking to Adjust Bets
- Stocks under pressure on Ukraine-Russia tensions, hawkish Fed
- S&P 500 living on edge of support, says Piper’s Craig Johnson
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The technical backdrop for stocks is deteriorating so much that some bulls are even preparing to change their outlook.
That’s the plight facing strategists who are now forced to price in escalating tensions between Russia and Ukraine on top of rising oil, surging inflation and a Federal Reserve that’s on the verge of raising interest rates. In the face of the escalating geopolitical tensions, the S&P 500 fell for a third straight day on Tuesday. It’s now down more than 10% from its record high at the start of the year, signaling a technical correction.