A key inflection point for markets
The S&P 500 index, not the Nasdaq 100, may be the one to watch for where we go next. Last week the index cleared it 50% retracement level of 4,231, meaning it has recouped half of its losses from its top in early January to its mid-June low. Such a move has signaled the end of a bear market every time it has happened during the modern era with the index failing to trade below its previous lows. Friday the S&P 500 has been trading both above and below the key level in a choppy market.
The views and opinions of Mooney Navigator are those of the author who is not an associated person of Moomoo Financial Inc. The view and opinions of the author do not reflect the views of Moomoo Financial Inc. or any of its affiliates. The views and opinions of the author are provided for informational purposes only, do not constitute a recommendation of an investment strategy or to buy, sell, or hold any investment in any form, and are not research reports and should not be used to serve as the basis for any investment decision. All investments involve risk including the loss of principal and past performance does not guarantee future results.
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