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Had Wall Street bulls morphed into a painting on Tuesday, there’s no question that they would have become Edvard Munch’s The Scream.By the close, you could all but see them, hands at their faces melting in a shrill cry of absolute frustration.And who can blame them? For the 5th consecutive day, the Dow and S&P 500 finished lower with the latest declines among the largest losses this year in terms of both points and percentage drops for each of the three major U.S. stock indexes.
In fact, Tuesday’s slide marked the S&P 500's worst day since Dec. 8th.For bulls, there are plenty of reasons to scream.Looking at fundamentals, concern is growing that Europe’s financial woes are far from resolved and that the US market may again find itself at the mercy of headlines.“You have to ask yourself, are we back to the old stock market? One that is euro-centric,” says trader Steve Grasso. In other words, one that rises and falls in tandem with developments overseas.
The technicals are equally bearish. The S&P 500 dropped below its 50-day moving average of 1,372.30, an area that should have been support – but wasn’t."Dropping below that level suggests a loss of momentum, and it looks pretty widespread," says Katie Stockton of MKM Partners.The Nasdaq also slid below its 50-day moving average and closed below 3,000 for the first time since March 12.
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