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Chris Ciovacco said that if the S&P 500 were to drop from last week's closing high to the rising 200-day moving average by Wednesday, it would represent a typical pullback of 7.10%. Ciovacco emphasized that the outcome remains uncertain and will unfold day by day.
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Earlier this month, Chris Ciovacco noted that recent charts may be reflecting some of the biggest current market fears, suggesting a shift in sentiment /news/market-voices/show/3639299-market-fears-chart-trends/. He also observed that all S&P 500 sectors were trading higher except for real estate /news/market-voices/show/3670408-sp500-real-estate-lags/. These observations provide context for his current assessment of possible S&P 500 pullbacks.