U.S. Stocks Could Fall Further With ‘Three-Day Rule’ in Play
- Fundstrat’s Sluymer sees potential washout of ‘panic sellers’
- Sundial cautions Nasdaq tends to fall rapidly from peaks
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The selloff in U.S. stocks may have at least one day more to go if history is a guide, according to Fundstrat Global Advisors LLC.
The S&P 500 has fallen 4.3% over the last two sessions, though remains up 53% from its March lows at the height of fears about the coronavirus. The tech-heavy Nasdaq 100 Index fell 6.4% over Thursday and Friday. Given those substantive declines and the three-day Labor Day weekend, technical strategist Robert Sluymer says there’s a risk of a further downdraft.