Asset Watch
Tuesday, September 26, 2023
After that, the S&P 500’s 50-week moving average stands near 4,143. The level ended the August 2022 and November/December 2022 rallies and should act as support unless an economic calamity unfolds.
Finally, the S&P 500 often experiences a sharp jump in early/mid-October and erases all its September declines by early November. Therefore, if some good news hits the wire, short covering could help ignite an upswing that shifts sentiment in the bulls’ favour.
So, will all these levels hold or have the bears finally regained their mojo?