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Asset Watch
Thursday, February 29, 2024
While only one investment bank will emerge victorious, monitoring a couple of key levels can help you stay invested and still manage risk. For example, the S&P 500’s 20 and 50-week moving averages have been reliable support and resistance levels for the last few years. The former lies near 4,700 while the latter is near 4,470.
In 2021, the 20-week MA (the white line) largely held as the index soared to an all-time high. If it remains above the milestone, the outlook is bullish, and minor pullbacks are healthy corrections. If not, the index must hold the 50-week MA (the blue line) to avoid re-enacting the carnage witnessed throughout 2022.
So, do the bulls deserve the benefit of the doubt, or is caution warranted in the weeks ahead?
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