Bartels Sees S&P at Risk for 10% Drop: Technical Analysis
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The Standard & Poor’s 500 Index may lose as much as 10 percent from current levels given the market’s tendency to give back some gains after a “strong” rally, according to Bank of America Corp.’s Mary Ann Bartels.
The benchmark measure of U.S. equities jumped 29 percent between Oct. 3 and April 2, when it closed at 1,419.04. The index has since declined to 1,390.69. Bartels said in an April 24 note that one-third to one-half of the six-month advance could be lost, pushing the index down to 1,250 or 1,300. The report came out before the S&P 500 surged 1.4 percent yesterday.