{"id":75148,"date":"2023-10-21T04:18:13","date_gmt":"2023-10-21T08:18:13","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/sp-500-breaks-below-key-level-for-first-time-since-march-as-stocks-erase-summer-gains\/"},"modified":"2023-10-21T04:18:16","modified_gmt":"2023-10-21T08:18:16","slug":"sp-500-breaks-below-key-level-for-first-time-since-march-as-stocks-erase-summer-gains","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=75148","title":{"rendered":"S&#038;P 500 breaks below key level for first time since March as stocks erase summer gains"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002643288\" role=\"document\">\n<p>The S&amp;P 500 index capped off a busy week for U.S. markets on Friday by breaking below its 200-day moving average for the first time in more than six months. It also erased the last of its gains from a summer advance that peaked in late July. <\/p>\n<p>The index<br \/>\n        SPX<br \/>\n       fell 53.84 points, or 1.26%, on Friday to finish the week at 4,224.16 after falling for a fourth straight day, marking the lowest closing level for the index since June 1, and also the first close below its 200-day moving average \u2014 which stood at 4,233.17 \u2014 since March 17. The S&amp;P 500 fell 2.4% this week, its worst week in a month, and has now finished lower during five of the past seven weeks. <\/p>\n<div class=\"paywall\">\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<p>          <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>The index has fallen 6.8% from its July 31 closing high, FactSet data show but  remains up 10% year to date. <\/p>\n<p>Although a break below the moving average is usually seen as a bearish signal, other indicators suggest that the S&amp;P 500 has fallen into oversold territory which could portend a fresh turn higher beginning as soon as next week, technical analysts said.<\/p>\n<p>\u201cFrom my perspective, this market has gotten to be pretty oversold,\u201d said Craig Johnson, chief market technician at Piper Sandler, during a phone interview with MarketWatch. <\/p>\n<p>A proprietary Piper Sandler database of all U.S. traded stocks with a market capitalization greater than $25 million and a share price above $2 showed that just 18% of stocks were trading above a 40-week moving average, a level that\u2019s only been reached 10 times since 1987, Johnson said. Often, when so many stocks are trading at such low levels relative to their recent performance, it signals that a turnaround could be near. <\/p>\n<p>\u201cIt\u2019s really rare to see readings this low,\u201d Johnson added. <\/p>\n<p>Furthermore, more than 65% of S&amp;P 500 stocks were trading below their 200-day moving average as of Friday\u2019s close, the highest reading in a year, FactSet data show. All of this is consistent with what Johnson and others have described as a \u201cwashout\u201d for stocks. <\/p>\n<p>Back in March, when the index last closed below its 200-day moving average, it only remained below it for six sessions. Dow Jones data showed that the S&amp;P 500 closed below its 200-day moving average for five straight days from March 9 to March 15, then closed below the average again for a single day on March 17.<\/p>\n<p><strong>Also read: <\/strong>A contrarian \u2018buy signal\u2019 for stocks has been triggered, as investors flee cash, says Bank of America<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-500-breaks-below-key-level-for-first-time-since-march-as-stocks-erase-summer-gains-94b7519f?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The S&amp;P 500 index capped off a busy week for U.S. markets on Friday by breaking below its 200-day moving average for the first time in more than six months. It also erased the last of its gains from a summer advance that peaked in late July. The index SPX fell 53.84 points, or 1.26%, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":37034,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-75148","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>S&amp;P 500 breaks below key level for first time since March as stocks erase summer gains | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The S&amp;P 500 index capped off a busy week for U.S. markets on Friday by breaking below its 200-day moving average for the first time in more than six\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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