Can the S&P 500 Hold its Trend After Wednesday’s Jarring Drop?
Yesterday could have been a significant day for the S&P 500. Let’s consider a few points.
First, the index fell 2.6 percent, its biggest drop since October 28’s 3.5 percent selloff. It’s also now slightly negative on a year-to-date basis.
Second, SPX made a new all-time high before 9:35 a.m. ET on Tuesday but ended lower. Followed by Wednesday’s slide to a 15-session low, the index is on track for a bearish outside week.
Third, prices closed on the trendline that began on November 10. It’s provided support at least three times since then. Will it hold again?
Beyond the S&P 500, the VIX jumped by 62 percent. That was its biggest one-day increase since February 2018.
At this point, investors may feel that a lot of good news is priced in. A good chunk of earnings are out and the Federal Reserve recommitted to low rates. Investors may be a little more cautious with a new month starting on Monday.
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First, the index fell 2.6 percent, its biggest drop since October 28’s 3.5 percent selloff. It’s also now slightly negative on a year-to-date basis.
Second, SPX made a new all-time high before 9:35 a.m. ET on Tuesday but ended lower. Followed by Wednesday’s slide to a 15-session low, the index is on track for a bearish outside week.
Third, prices closed on the trendline that began on November 10. It’s provided support at least three times since then. Will it hold again?
Beyond the S&P 500, the VIX jumped by 62 percent. That was its biggest one-day increase since February 2018.
At this point, investors may feel that a lot of good news is priced in. A good chunk of earnings are out and the Federal Reserve recommitted to low rates. Investors may be a little more cautious with a new month starting on Monday.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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