The S&P is headed for its third straight day of losses and has slid -2% since closing at a multi-year high on last Thursday. The index had surged +14% from December 19 through March 1 almost without interruption amid improving economic data in the U.S. and falling bond rates in Europe.
In fact, the S&P hasn’t lost more than -1% in a day since December 28. But that could very well change today.
Many investors who missed out on the rally have been waiting for a modest selloff to jump on board. So is this it? Is this the pullback everyone has been waiting for? Or is this just the start of more pain ahead for stocks?
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