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Asset Watch
Thursday, February 1, 2024
When the S&P 500 broke out to all-time highs in 2018 and 2020 after experiencing material drawdowns, corrections unfolded soon after. The index suffered a major decline in 2018, while the pullback was more modest in 2020. As there’s a similar pattern present now, the S&P 500 could surprise investors and follow a similar path.
To play it, you should monitor the index’s 20-week moving average. After a break below in 2018, it became resistance en route to new lows. However, it also held as support in 2020 and continued to do so throughout the 2021 bull market. The outlook remains constructive as long as the S&P 500 trades above it.
So, is 5,000-plus a done deal in the weeks ahead, or does a correction unfold first?
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