S&P 500’s Slump Presents Buying Opportunity: Technical Analysis
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The Standard & Poor’s 500 Index’s decline since Feb. 18 presents a buying opportunity because the pullback will be “modest,” according to Bank of America Corp.’s Mary Ann Bartels.
The S&P 500 has “key” support at 1,270, and “there is no technical evidence to suggest an end to the cyclical bull-market rally that began in March 2009,” Bartels, the head of U.S. technical analysis, said. The benchmark gauge for U.S. stocks fell 1.1 percent to 1,281.87 in New York after sinking as much as 2.7 percent earlier.