S&P 500 to Rest This Month Before More Gains: Technical Analysis
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The first back-to-back weekly decline in the Standard & Poor’s 500 Index since the end of August may be the beginning of a retreat that turns out to be a “pause that refreshes,” Bank of America Corp.’s Mary Ann Bartels said.
The benchmark’s failure to break the 1,300 resistance level spurred its biggest loss in more than five months on Jan. 28, Bartels said. She added that indicators such as relative strength in industry groups, market momentum and sentiment suggested that while February will be a “resting month,” any pullback will be short-lived.