S&P 500 Struggles Tell Technicians 2nd-Quarter Top May Be In
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The furious rally that lifted U.S. stocks off their mid-March lows may be nearing exhaustion, according to technical analysts.
The S&P 500 rose 31% from its lows reached March 23, when concerns about the impact of coronavirus on public health, economies and financial markets peaked, through April 29. But after closing around 2,940 on Wednesday, the gauge fell 3.7% over the next two sessions., prompting technical strategists at JPMorgan Chase & Co. to say the index has likely formed a medium-term ceiling.