Equity markets (^DJI, ^IXIC, ^GSPC) continue to face pressure in response to March’s Consumer Price Index (CPI) reading, reporting rising month-over-month and annual inflation. The Dow Jones Industrial Average has fallen by over 400 points intraday ahead of Wednesday’s market close.
LPL Financial Chief Technical Strategist Adam Turnquist affirms that the day’s market pullbacks are normal for a bull market that is "very overbought," believing the S&P 500 could settle as low as 4,800 as his base case.
"I don’t think we’ll get there, actually, because there’s been a large rotation going on in the market that’s helped prop up market breadth. So this has been very broad in terms of the rally this year," Turnquist tells Market Domination. "It’s not just a mega-cap story — you look at materials, financials, energy, all breaking out to new highs. That’s picked up some of the slack from some of the larger caps and there’s a lot of support below the market before you get to that 4,800 level…"
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