Here's how investors will know if the stock-market rally has legs, even if the S&P 500 slides further

The S&P 500 index is set to log its third-straight daily drop on Wednesday, its first such losing streak since May 4, according to FactSet data, but that doesn’t mean the index’s “bullish breakout” is canceled. More likely, it’s just getting started.

Even if the large-cap gauge continues to see modest declines, the market’s newly bullish trend will be confirmed, according to Steve Suttmeier, technical research strategist at BofA Global Research, so long as the index doesn’t fall too far below 4,200, a level that served as a nearly impenetrable ceiling for stocks from August to early June, Suttmeier said.

If the index does drop below 4,200, it could still find support around 4,100, or 4,050. The S&P 500 recently exited bear-market territory earlier this month for the first time in a year when it closed more than 20% above its closing low of 3,577.03, from Oct. 12, according to FactSet data. According to Suttmeier, improving moving averages on the price charts and the formation of a so-called bullish cup-and-handle-pattern suggest the S&P 500 is already in a bullish breakout portending more upside ahead.

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Stock Market News: S&P 500 slides, Eli Lilly’s buys Dice, missing sub latestStocks wobble following the long holiday weekend, Eli Lilly buys Dice Therapeutics for $2.4 billion, Alibaba names new CEO, housing starts and permits jump and the search continues for the missing submarine touring the Titanic wreck site. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
La source: FoxBusiness - 🏆 458. / 53 Lire la suite »