Bartels Sees S&P 500’s Loss Limited to 6%: Technical Analysis
This article is for subscribers only.
The Standard & Poor’s 500 Index probably won’t fall more than 6 percent from this year’s high after holding above its “channel support” line during last week’s retreat, according to Bank of America Corp.
While the benchmark for U.S. equities slipped as low as 1,294.26 last week, it managed to close above 1,300 each day, staying above an uptrend line that’s been in place since the index’s August low, according to data from Bank of America and Bloomberg. That suggested the market may keep its momentum and continue to rally after this dip, Bartels said.