Mark Newton, head of technical analysis at Fundstrat, said investors shouldn't get too tempted by a potential bounce in the coming days as the S&P 500 could fall under 3,700 before a more meaningful rally kicks in.
"September's Triple Witching Friday close at multi-week lows is particularly negative for the prospects of a rally, and further selling still looks likely over the next couple weeks to undercut 3,700 before a relief rally can get underway in October," he said."While one cannot rule out a 1-2 day bounce attempt given this week's decline, I do not expect much strength until prices have reached support under 3,700 in October," he added.
Source: News Formal (newsformal.com)
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