S&P 500 staring down a key technical level, Fundstrat's Tom Lee says - Business Insider

Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.The S&P 500 is flirting with a "line in the sand" that will determine if the worst of the September market correction is behind us, Tom Lee said in a note on Wednesday.

On Wednesday, the S&P 500 closed just below the 3,363.31 level, and traded slightly above that key resistance level in Thursday trades.The S&P 500's 11% peak-to-trough sell-off in September has tested bullish investors, as a resurgence in daily COVID-19 cases and uncertainty surrounding additional stimulus and the November election serves as an overhang for the stock market.

If the market is able to decisively close above that level, investors would have "a greater sense the worst is indeed behind us," Lee said.Sustainable-stock funds are snapping up shares of these 20 companies - and most of them beat the market during September's turmoil, RBC says The S&P 500 managed to find support in September at the 61.8% retracement level of the late June to early September rally. Put another way, September's 11% sell-off in the S&P 500 retraced 62% of its summer rally.Throughout this week, the S&P 500 has struggled at the 38% retracement level of 3,363.31, and on Wednesday closed at 3,363.00, just a third of a point below the key technical level.

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