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Asset Watch
Thursday, September 1 2022
The decline began after investors rejected the S&P 500’s attempt to reclaim its 200-day moving average. Even though the 50-day MA held on Aug. 29, the index closed below the key level on Aug. 30. That said, the S&P 500 has lost its 50-day MA before and recouped it soon after, meaning the days ahead are critical.
If the selling continues, next-level support is 3,904. The level is near the May closing lows and the June and early July closing highs. As a result, it implies a roughly 2% downside from the Aug. 30 close. After that, the next key level is near 3,741, showing a more than 6% decline.
However, with the U.S. economy still relatively strong, will the bulls rally the troops and put up a spirited fight?
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