{"id":26033,"date":"2023-06-22T12:25:37","date_gmt":"2023-06-22T16:25:37","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/heres-how-investors-will-know-if-the-stock-market-rally-has-legs-even-if-the-sp-500-slides-further\/"},"modified":"2023-06-22T12:25:38","modified_gmt":"2023-06-22T16:25:38","slug":"heres-how-investors-will-know-if-the-stock-market-rally-has-legs-even-if-the-sp-500-slides-further","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=26033","title":{"rendered":"Here\u2019s how investors will know if the stock-market rally has legs, even if the S&P 500 slides further"},"content":{"rendered":"
\n

The S&P 500 index logged its third-straight daily drop on Wednesday, its first such losing streak since May 4, according to FactSet data. <\/p>\n

But this latest pullback doesn\u2019t mean the index\u2019s \u201cbullish breakout\u201d is canceled. More likely, it\u2019s just getting started, according to several technical and momentum indicators cited by Wall Street analysts. <\/p>\n

\n

Even if the S&P 500\u2019s pullback continues, as looks likely on Thursday, the market\u2019s newly bullish trend will be confirmed so long as the index doesn\u2019t fall too far below 4,200, a level that served as a nearly impenetrable ceiling for stocks from August to early June, according to Steve Suttmeier, technical research strategist at BofA Global Research<\/p>\n

\u201cHolding the 4300 to 4200 areas on interim dips would set up a bullish breakout and retest pattern,\u201d he added in a note to clients shared with MarketWatch on Wednesday. <\/p>\n

Should the index drop below 4,200, the market could still find support around 4,100, or 4,050, Suttmeier added. The S&P 500 recently exited bear-market territory earlier this month for the first time in a year when it closed more than 20% above its closing low of 3,577.03, from Oct. 12, according to FactSet data. <\/p>\n

The index has managed to rise more than 13% since the start of the year thanks to the outperformance of a handful of megacap technology stocks, although the rally has started to broaden over the past few weeks. <\/p>\n

According to Suttmeier, improving moving averages on the price charts and the formation of a so-called bullish cup-and-handle-pattern suggest the S&P 500 is already in a bullish breakout portending more upside ahead. <\/p>\n

Ultimately, the rally could see the S&P 500 could surpass 4,500 in the coming months. That would represent a significant turnaround from late last year, when only the most bullish Wall Street macro analysts expected the S&P 500 to finish 2023 at 4,500 or above.<\/p>\n

<\/p>\n
<\/p>\n<\/figure><\/div>\n

All three major indexes posted declines on Wednesday, with the S&P 500
\n SPX,
\n +0.09%<\/bg-quote>
\n off 0.5%, the Nasdaq Composite
\n COMP,
\n +0.51%<\/bg-quote>
\n down 1.2%, and the Dow Jones Industrial Average
\n DJIA,
\n -0.11%<\/bg-quote>
\n falling more than 100 points as Federal Reserve Chair Jerome Powell suggested there may be two more interest-rate hikes likely ahead this year, according to FactSet data. They\u2019re all on track for weekly losses. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The S&P 500 index logged its third-straight daily drop on Wednesday, its first such losing streak since May 4, according to FactSet data. But this latest pullback doesn\u2019t mean the index\u2019s \u201cbullish breakout\u201d is canceled. More likely, it\u2019s just getting started, according to several technical and momentum indicators cited by Wall Street analysts. Even if […]<\/p>\n","protected":false},"author":1,"featured_media":26034,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-26033","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nHere\u2019s how investors will know if the stock-market rally has legs, even if the S&P 500 slides further | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The S&P 500 index logged its third-straight daily drop on Wednesday, its first such losing streak since May 4, according to FactSet data. 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