S&P 500 May Drop 9.9%, Then Resume Rise: Technical Analysis
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The Standard & Poor’s 500 Index may fall as much as 9.9 percent before resuming its two-year-old advance, according to a Bank of America Corp. technical analyst.
The S&P 500’s decline below support at 1,270 last week broke an “uptrend” that has been in place since the middle of 2010, Mary Ann Bartels, Bank of America’s New York-based head of technical market analysis, wrote in a note. The gauge closed at 1,256.88 on March 16 and then rose three straight days, gaining