The S&P 500 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...
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.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
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.
Les mer »
Generac stock charges higher to pace the S&P 500 gainers after reports of widespread power outagesShares of Generac Holdings Inc. powered up 7.6% in afternoon trading, enough to pace the S&P 500’s gainers. Investors appear to be flocking to the maker of...
Les mer »
S&P 500's 'FOMO' rally has upside beyond 4,500, says Bank of America chart analystA bullish cup-and-handle chart formation points the way to further gains, according to this latest reading of the market's tea leaves.
Les mer »
Airbus wins record order for 500 jets from India’s IndiGo airlineIndian airlines are racing to tap surging demand for travel from the nation’s growing ranks of middle-class consumers.
Les mer »
Indonesia nabs nearly 500 human trafficking suspects in major crackdownIndonesian government arrests almost 500 suspects, rescues 1,500 victims in an effort to dismantle illegal networks involved in international human trafficking
Les mer »
ES00 | E-Mini S&P 500 Future Continuous Contract Overview | MarketWatchES00 | A complete E-Mini S&P 500 Future Continuous Contract futures overview by MarketWatch. View the futures and commodity market news, futures pricing and futures trading.
Les mer »