WS #16087
The S&P 500 is testing the 7,655 pivot level after a tech-led selloff, with the Nasdaq down 2.15% and the SOX down 3.83% over recent sessions. Market breadth remains a concern, with only 30% of S&P 500 stocks above their 50-day average, indicating a fragile bounce. Analysts are watching for a sustained hold above support to confirm a bottom, while rotation into defensive staples like consumer goods continues.
Tech Rotation and Support
The S&P 500 is testing the 7,655 pivot level after a tech-led selloff, with the Nasdaq down 2.15% and the SOX down 3.83% over recent sessions. Market breadth remains a concern, with only 30% of S&P 500 stocks above their 50-day average, indicating a fragile bounce. Analysts are watching for a sustained hold above support to confirm a bottom, while rotation into defensive staples like consumer goods continues.