People who divine the future from technical fluctuations in the stock market have been looking at the number 1,120 for the S&P 500 for weeks now. If the index breaks below that number, they argue, stocks could be in for a serious down-leg. Well, we’re there now, with the S&P 500 trading at about 1,115 in midday trading. In many recent sessions, the index has touched 1,120 before miraculously bouncing back up. But a gradual broad-based slide among equities today, interrupted briefly by strong ISM numbers, just took an ugly turn.
In short, the evil eye is upon us. Be vigilant.
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