Stock-market rout puts all eyes on 4,200 level for S&P 500

The stock market’s extended rout turned the Dow negative for the year Tuesday and intensified the focus on a closely watched level for the S&P 500.

“S&P 500 quickly approaching cluster of support at 4,200,” said technical analyst Mark Arbeter, president of Arbeter Investments LLC, in a note and on X: Analysts have been flagging the 4,200 level as an important test of support. The S&P 500 SPX was down 1.2% near 4,237 early Tuesday afternoon, while a drop of nearly 350 points, or 1%, for the Dow Jones Industrial Average DJIA erased the blue-chip gauge’s 2023 gain. The S&P 500 remains up more than 10% for the year to date, buoyed by gains for megacap tech stocks.

As Arbeter notes, the 200-day moving average stands near 4,202 on Tuesday. And 4,200 is also near both a 38.2% Fibonacci retracement of the stock market rally off the October 2022 low and a 50% retracement of the rally seen off the March low.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

S&P 500 Earnings Yield Hits Highest Level Since Mid-May ’23Stocks Analysis by Brian Gilmartin covering: S&P 500, iShares Core S&P 500 ETF, SPDR® S&P 500, S&P 500 Futures. Read Brian Gilmartin's latest article on Investing.com
Source: Investingcom - 🏆 450. / 53 Read more »

Q4 Kicks Off Amid Significant Risks: Is the Bull Market Already Over?Market Overview Analysis by Investing.com (Francesco Casarella) covering: S&P 500, iShares Core S&P 500 ETF, SPDR® S&P 500, S&P 500 Futures. Read Investing.com (Francesco Casarella)'s latest article on Investing.com
Source: Investingcom - 🏆 450. / 53 Read more »

Tesla, Ford and WeWork shares fall, Netflix's stock gains, and other stocks on the moveHP's stock rallied after BofA swings to bullish from bearish, while McCormick's stock leads the S&P 500's losers after a sales miss.
Source: MarketWatch - 🏆 3. / 97 Read more »