S&P 500 Snaps 3-Day Win Streak as Bulls Hit Pause on ‘Overbought’ Stocks By Investing.com – Investing.com

SectorFinancial Markets

© Reuters By Yasin Ebrahim Investing.com – The S&P 500 snapped a three-day win streak Tuesday as technology and energy stocks slipped with investors weighing optimism on the global recovery against the recent rally that some say has pushed stocks into "overbought" territory.     The closed 0.1% lower after hitting a record high of 4,086.10, the fell 0.29%, or 96 points, the was down 0.1%. "Watch the S&P 500 over the next few days for potential consolidation - that benchmark is now very overbought / extended on the short-term trading charts and is likely to see some profit taking ahead in our opinion," Janney Montgomery Scott said in a note. Initial support is touted in the 3,975-to-4,000 zone, the firm added. The gloomy update comes just as energy stocks, which had been battered a day earlier, gave up intraday gains despite oil prices catching a bid on optimism over the global recovery and ongoing signs of reopening progress in the U.S. The International Monetary ...read more...