S&P 500 Has Support Similar to November Dip: Technical Analysis
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The stock market’s retreat from a February peak may be just as short as its dip in November, because the Standard & Poor’s 500 Index is again halting its drop at its weekly “conversion line,” Dahlman Rose & Co. said.
The benchmark for U.S. equities rebounded at the technical support level on its General Overview Charts both weeks since the 32-month high on Feb. 18, data from Bloomberg and Dahlman Rose show. In November, after the index recovered at the same support level for three weeks, the S&P 500 had its best December return since 1991 and rose for the next two months.