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Asset Watch
Tuesday, April 16, 2024
The S&P 500 broke down below its 20-day (the blue line) and 50-day moving averages (the white line). The gap between the two is narrowing, so the index must recoup both to maintain its short-term strength.
If not, the 100-day MA (the yellow line) could offer a solid entry point, as it provided support in May and August 2023. The level is also near the January 2024 highs and the February 2024 lows. A drop to the 100-day MA would also mark a roughly 7% correction from the all-time highs, which aligns with the typical 5% to 10% pullbacks seen during bull markets.
So, will patience prevail as the S&P 500’s correction continues, or does the index offer value right now?
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