The stock market's start to the second quarter was its worst since the Great Depression.
With the S&P 500 closing down more than 2.2 percent Monday, the broad market index posted its worst start to April since 1929.
The index also closed below its 200-day moving average – a key technical level – for the first time since June 2016, 442 straight days.
Bespoke Investments Co-Founder Justin Walters, who also noted the historic nature of the close, said in an email that equity fears aren't likely to abate until earnings arrive.
"Based on recent market action, the bears clearly have control right now," Walters wrote. "The path of least resistance is lower until something comes along to reverse that trend."
Source: Bloomberg Pro Terminal
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