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Wall Street's anxieties took a new turn.
But while it's uncommon and often jarring for the S & P 500 to break through the technical level, such a move is often followed by a quick snap back.
"Here again, though, this is a reason to pay attention to the market." The market broke through the trend several times in 2016, only to bounce back up, "McMillan added.
McMillan was echoed by Robert Sluymer, a technical strategist at Fundstrat Global Advisors, who noted that the S & P remains in the market for two years.
"The uptrend that began in 2016 is still intact, but we're testing that now," said Robert Sluymer, technical strategist at Fundstrat Global Advisors. "My point is now that it is moving into a serious band of support around 2,700 … The momentum data it's really oversold down at these levels."
Sluymer also said he would not be surprised to see the widening of the market as far as he was concerned.
So if we bounce back, traders would be less concerned.
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