SPX Support Breakdown Correction
The S&P 500 is entering a corrective period due to breaking key support levels.
Too little corroboration in the last 3 days to call a trend (5 articles). Watching for it to gain traction.
Mainstream financial press is carrying this — attention has broadened beyond specialist outlets.
"The S&P 500 is undergoing a consolidation following its April advance, with the correction not yet finished. Current sentiment indicators suggest the correction isn't over. We now expect it to carry into August."
"Sundial Capital Research analysts led by Jason Goepfert noted that this will be only the fourth time the S&P 500 has hit a record high while only 5% of its members were at 52-week lows, underscoring the scope of the rally."
"The pain is back-loaded into August through October, which is the only three-month period since 1928 with a negative average return at -0.02%."
"The stock market has been relatively resilient relative to the dramatic spike in oil prices, but the drop below the key resistance threshold signals that further declines could be looming."
"JPMorgan Chase & Co.’s trading desk warned that the conflict risks pushing the S&P 500 into a correction."
"When a security or an index reapproaches a high level again there's often some hesitation, some contention that has to take place before it can break through that peak again."
""Bannister now expects the market to correct with the end of the central bank's 'free lunch' of policy support.""
"The benchmark S&P 500 has shed 1.5% on average in the month since 2000."
"For the first time in over a year, the U.S. stock market is in a correction."
"For the first time in over a year, the U.S. stock market is in a correction."