🚨 FUNDSTRAT GLOBAL HEAD OF TECHNICAL STRATEGY @MarkNewtonCMT ON WHY THE MARKET HELD UP DESPITE TECH SELLING OFF: "I don't see this as being one sector. When you look at what's happened with financials in recent months and healthcare, which has come back from the dead after almost 3 years of underperformance, these are really important groups. Combined they're about 25% of the market." On how tech rolled over in stages: "Technology had a big correction but the market didn't decline. It just went sideways from May until July. Software initially, then hyperscalers and Mag 7, then semis, and finally the memory space. Some of these stocks were down 20, 30, 40%, yet the market largely went sideways." Why: "Thanks to financials. Thanks to healthcare. Thanks to different parts of the market that were rallying to support things."