Wall Street Hunts for Bottom as S&P Retests ‘Rock Solid’ Support

After the S&P 500’s biggest weekly drop since November, Wall Street strategists are grappling with just how far the benchmark will slide as it once again tests what has been a months-long support level.

For the third day this month, the benchmark gauge traded below its 100-day moving average, a key support line that has held since May, as investors rotate out of richly valued tech stocks into more defensive corners of the market. On Tuesday, stocks whipsawed, clawing back early losses to close marginally higher.