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“We were at risk for at least a pullback with even a mild catalyst because sentiment was at an extreme. What we got was the ultimate negative catalyst.”

“We see the weekend’s developments as a negative catalyst for the market, not only because of where investor expectations have been regarding the deal, but because of the downward earnings revisions that are likely to occur if the tariffs are expanded,” said Lori Calvasina, head of U.S. equity strategy at RBC Capital, in a note to clients.

“While there are multiple issues on investors’ minds, unless there is some additional negative catalyst, most of those issues are fully baked into the stock,” he said.

Earnings from the 11 Dow components profiled today will thus be the key to preventing a technical sell signal or providing the negative catalyst for a full-fledged technical correction.

Next week’s CES could prove to be yet another negative catalyst as digital devices are announced at increasingly mainstream price points.”