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Oppenheimer head of technical analysis Ari Wald spies the next big catalyst for the stock market.
High-growth and tech stocks sold off to begin the week, but for social network giant Facebook it was even worse.
Written by GaryRetail sales drop worse-than-expected 1.1% as rising Covid fears hit consumers (SPY -0.4%). Home Depot shares tumble despite an earnings beat. Retailers rang up fewer customers as DIY trends weaken.
Momentum stocks are breaking out and have even further to go, says Oppenheimer’s Ari Wald.