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The S&P 500 index is currently priced at $586.28, which is 3.7% below its all-time highs. Analysts suggest that a pullback to the 100-day moving average at $572.36 would represent a 6% decline, while a drop to the 200-day moving average at $548.74 would indicate a 10% pullback, officially categorizing it as a correction. The last significant pullback of 5% occurred in August, followed by a substantial gain of 19%. Current support levels are noted at $577, which aligns with historical support and the 20-week moving average. If the index falls below this level, further declines to $550 or $542 could be expected, indicating potential corrections of approximately 10%. A sentiment reset is viewed as necessary for the continuation of the bull market, with drawdown levels ranging from 4.37% to 8.74% outlined for further analysis.
If the S&P 500 dropped down to the AVWAP possible levels of support shown via graph, it would fall into the normal drawdown range: -4.37% (5824) -6.06% (5721) -8.74% (5558) If the bull market is to continue, a sentiment reset is most likely healthy, welcome, and necessary. 5783… https://t.co/w3jya1G7ti
577 on $SPY gets you Election Day gap fill and 20wma where we've found support in the past, would mark a -5% pullback Lose that level and 200d at 550 or 50wma at 542 would be a ~10% correction. Neither out of the question. Let's see how we react at 577.
At $586.28, we are now -3.7% from ATHs on the S&P-500. A pullback into the 100-day ($572.36) would mark a -6% pullback. A pullback into the 200-day ($548.74) would mark a -10% pullback, officially constituting a "correction", similar to what we saw earlier this year in July.
