The Nasdaq-100 is down more than 6% this month.
And while the pullback is no surprise for some chart analysts on Wall Street — with some noting that technical indicators point to overbought conditions and poor market breadth — many are bracing for a pullback in the high single-digits or low teens in the coming weeks. "That's a normal correction, when bull markets get overheated like this," said Dan Wantrobski, technical strategist at Janney Montgomery Scott.
"We haven't really had more than one this year, so when you get used to having an uninterrupted uptrend in place, when you do get a 5% pullback it gets worse," said Roth MKM's JC O'Hara. The chief technical analyst is also monitoring stocks on an individual level and those in the S & P 500 hitting new one-month lows. He's waiting for about 60% of the index to hit that level, and more closes below the 50-day. "We're not washed out enough," he said.
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