S&P 500 Bears Pause As Bulls Stand Firm – 4,200 Marks A Critical Battle Line
Portfolio Pulse from Piero Cingari
The S&P 500 index saw modest gains on Monday, breaking a four-session losing streak. The index is recovering from its second-worst week of the year, with a 2.9% decline. Among the top 10 components of the S&P 500 index, nine stocks recorded gains, with Microsoft being the exception. Amazon provided the most substantial boost to the market’s daily performance with a 1.6% increase. However, a surge in Treasury yields somewhat restrained the bullish sentiment. The S&P 500 has experienced a 6% decline since its peak in July, with a critical level to monitor being 4,200, which could signal a major trend reversal for the broader market.
September 25, 2023 | 8:22 pm
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POSITIVE IMPACT
Amazon's stock recorded a 1.6% increase, providing a substantial boost to the market’s daily performance.
Amazon's stock performance directly impacts the broader market, as it is one of the top components of the S&P 500 index. The 1.6% increase in its stock price contributed to the market’s daily performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) could be impacted by the S&P 500's performance, with a critical level to monitor being 4,200, which could signal a major trend reversal.
The SPDR S&P 500 ETF Trust (SPY) tracks the performance of the S&P 500 index. Therefore, any significant changes in the index's performance could impact the ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Microsoft was the only stock among the top 10 components of the S&P 500 index that did not record gains.
Microsoft's stock performance directly impacts the broader market, as it is one of the top components of the S&P 500 index. The lack of gains in its stock price could have a negative impact.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80