Experts point out that while the market has dropped sharply, it still has a long way to go before a sustainable bottom can be reached.
Several chart strategists are pointing out that while the market has dropped sharply over the the past few days, it still has a long way to go before a sustainable bottom can be reached.
The sharp drop pushed the broad market index through key technical support levels and dented a massive year-to-date rally in stocks. Several chart analysts are pointing out that while the market has dropped sharply over the the past few days, it still has a long way to go before a sustainable bottom can be reached. Even with a slight rebound on Tuesday.
"This is a corrective phase in an upward trend that's not yet over," John Roque, technical analyst at Wolfe Research, told CNBC's "The recent wave of selling came after President Donald Trump tweeted on Thursday that the U.S. will impose a 10% tariff on $300 billion worth of Chinese goods starting Sept. 1 as trade talks between the two countries struggle to progress.
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