There’s a ‘good likelihood’ that the market bottom is in, Fundstrat says

The market recovery from last week's lows could be an indication that a market bottom is in place, according to Fundstrat Global Advisors. "While some might see this as 'jumping the gun,' I do feel like there's a good likelihood that Equity market lows could be in place after the constructive bounce in recent days," wrote Mark Newton, the firm's head of technical strategy.

SPX bar 2023-10-02 S & P tested a key level last week Newton's comments come after the S & P 500 tested the 4,200 level last week, a key threshold watched by technical strategists due to its proximity to the index's 200-day moving average and a Fibonacci retracement level. The index hit a low of 4,216 on Oct. 3. It traded around 4,366 on Tuesday.

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