The biggest one-day drop in more than two years left U.S. stock-market bulls staring at crucial support for the S&P 500 index around 3,900 — a convincing move below that level would signal the risk of significant pain ahead, chart watchers warned.
Market risk “is elevated as long as the index sits below 3,900. Buyers need to throw everything they have at stocks right now to prevent further damage,” said technical analyst Andrew Adams in a Wednesday note for Saut Strategy. The development of a “battleground” around the 3,900 to 3,950 level for the S&P isn’t a surprise, Adams wrote, noting that it’s served as an important region since early 2021, providing both support and resistance. A break below that level would be troubling because it would suggest bears have maintained control, he said .
Biden reich has obliterated our 401Ks. Maybe he wants us all to work well into our 80s like he is.
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