The firm's chief market technician says investors are failing to heed warning signs including poor market breadth and waning momentum.
It's time to heed the warning signs in markets, according to Piper Sandler. Craig Johnson, the firm's chief market technician, expects the S & P 500 will tumble 10% this summer, saying investors are failing to heed red flags that include poor market breadth and waning momentum. A fall of 10% from Tuesday's close of 5,469.30 would place the broad market index at around 4,920.
The S & P 500 and Nasdaq Composite are higher this year by roughly 15% and 18%, respectively. Just last week, the S & P 500 breached 5,500 for the first time. Now, however, investors fear that markets have run too far, too fast, and are in for a far more choppy second half of 2024. Nvidia, which last week briefly became the world's most valuable public company , has now tumbled 10% from its 52-week high.
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