Technical charts show the S&P 500 and Nasdaq losing key levels

The U.S. stock market came under heavy pressure on Monday as new technical signals raised concern that the latest slide could grow into a deeper correction, according to Bloomberg. The S&P 500 fell enough to extend its drop from the October 28 record to 3.2%, marking the sharpest retreat from an all-time high since the February–April slump. The index also closed below its 50-day moving average for the first time in 139 sessions, ending the second-longest run above that line this century. Traders also watched it fall more than 50 points under 6,725, the level Lee Coppersmith of Goldman Sachs highlighted early in the day as the point where CTAs could switch from buyers to sellers, a move that would add more pressure. The weakness spread through the rest of the market, with chart watchers describing the internal damage as significant. Dan Russo of Potomac Fund Management said there is...

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