This week’s very important technically for the markets, said Scott Redler, chief strategic officer at T3live.com. He told investors what they should be watching out for throughout the week.
“We could be choppy to the upside, but we could see technical damage that could take us lower coming into earnings season in the next week or so,” Redler told CNBC.
Redler said the accelerated uptrend from July was broken at 1,042 and traders will be watching to see if the market could take that back this week. He warned that a correction may come if the market can't get back above the level.
“Right now, 4 to 5 percent has been the norm. We haven’t had the 10 percent correction, so next week, we need to measure if that will change—and [if] we’ll get that 9 to 11 percent correction that some people have been calling for.”
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- Goldman Upgrades Bank Stocks
No immediate information was available for Redler or his firm.
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