Mike Santoli’s market notes: Air pocket risk, winners become losers, key S&P level to watch

Traders work on the floor of the New York Stock Exchange.

This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.

  • Some deferred selling and renewed focus on near-term tactical risks knocks the market from its highs to shake out some complacency. For weeks the market was riding an upward seasonal grind, overbought but imperturbable. Along with many we've been pointing toward January air-pocket risk (as in 2018, 2020 following strong Q4 rallies).

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