Markets fell on Tuesday.
Analysts mostly remain sanguine about the market.
“We had a very good run-up, especially last week, so the market is in consolidation at the moment,” said Mark Kepner, managing director of sales and trading at Themis Trading.
However, a warning sign did flash on Tuesday, being the second consecutive day that the number of New York Stock Exchange-traded stocks hitting 52-week lows exceeded those that hit 52-week highs.
Chart specialist Tom McClellan said on Tuesday that lows surpassing highs within seven trading days of a 1-year high for the S&P 500 is an Ohama Titanic Syndrome, a preliminary sell signal. The S&P 500 put in a high on 1 March.