Economics
S&P 500 Losing 50% Recovery Signals Caution in Charts
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Traders who base day-to-day decisions about whether to buy stocks on chart patterns say yesterday’s decline in the Standard & Poor’s 500 Index may signal additional losses this week.
The benchmark index for U.S. equities rose to 1,131.23 before reversing and falling to 1,113.20 at 4 p.m. in New York. The rally fizzled above 1,120.84, the level marking a 50 percent recovery of its October 2007 to March 2009 plunge, and 1,130.29, the midpoint of its intraday highs and lows in 2010.