S&P 500 Decline May Stall at These Key Technical Levels
(Bloomberg) -- The four-day rout in U.S. equities has technical analysts studying charts for clues on where the selling may stop.
The S&P 500 Index blasted through its average price for the past 100 days at the open, as the drop since Monday headed for 4 percent. With that level, which served as a bottom in Thursday’s session, out of the way, here are key numbers to watch Friday as the benchmark for American equities slipped 0.6 percent to 2,661 as of 9:34 a.m. in New York.
For chart watchers, the next stop on the way down could be the round-number milestone of 2,600. That’s almost exactly the same number as what’s known as a 50 percent Fibonacci retracement level, halfway below the January peak and a low set last March.
If those levels get breached, the next major stop would be the 200-day moving average at 2,560. To get there, the S&P 500 would have to fall more than 4 percent on Friday.
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