S&P May Fall to 2010 Low After Failed Rally: Technical Analysis
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The Standard and Poor’s 500 Index’s failure to surpass a key level last week may mean the stock market will slump to a new low for the year, according to Strategas Research Partners.
The S&P 500 rose to 1,096.48 July 15, failing to maintain a rally past 1,100 for the third time in three months. After the past two failed rallies, the index retreated to successively deeper lows, the research firm said in a note July 20. The equity benchmark closed at a 2010 nadir of 1,022.58 on July 2.