S&P 500 May Plunge 21%, Bank of America Says: Technical Analysis
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Patterns in the Standard & Poor’s 500 Index’s price graph show the U.S. equity measure may slump 21 percent, said Bank of America Corp.’s Mary Ann Bartels.
The benchmark measure of U.S. equities closed at 1,154.23 last week. Bartels, a New York-based technical analyst at Bank of America, said the index is at risk of falling to between 1,020 and 1,100, known to traders as Fibonacci levels that represent 50 percent and 38.2 percent retracements of the bull market since March 2009. Further losses that push the S&P 500 down to between 910 and 985 are a possibility, she said.