S&P 500's Big Support Level Bends. Brace Yourself If It Breaks
- The index’s 200-day moving average looks resilient for now
- A long stretch below the key level could spell worse to come
Trade Causes Concern as 'Death Cross' Emerges
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For all the explanations offered up for the latest equity sell-off, technical analysts say there’s just one reason it hasn’t been worse.
The S&P 500 Index’s 200-day moving average held for a fourth straight day Wednesday in a feat that’s severely testing market psychology. If it fails, the stocks are in for a slide of up to 5 percent, according to Adam Turnquist, Piper Jaffray’s technical analyst.