Dow Drops 67 Points Because These Issues Won't Go Away
6:46 a.m. Stocks look set to pick up on Monday where they left off on Friday -with more selling.
The good news is that the losses are, for the moment contained. S&P 500 futures have fallen 0.3%, while Dow Jones Industrial Average futures have dropped 67 points, or 0.3%, and Nasdaq Composite futures have declined 0.2%.
Still, we believe the market narrative is being driven by technicals, not data or events. The S&P 500’s low following October’s peak is around 2630, and if that holds, investors will likely find reasons to be bullish. If it breaks, the next level is around 2600, or where the S&P 500 found support after February’s correction. If that breaks, expect the narrative investors spin to get a whole lot worse.
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