Alarm bells are ringing for analysts who study chart patterns in the US stock market, fueling concern that the latest dip could swell into a full-blown correction of at least 10%.
A sharp selloff in the S&P 500 Index on Monday extended the decline from its last record on Oct. 28 to 3.2%, its worst drawdown from an all-time high since the February-April plunge. The benchmark index closed below its 50-dayBloomberg Terminal moving average for the first time in 139 sessions, breaking the second-longest stretch of this century above the closely watched trend line.
