S&P 500 Nears Crucial Support: Analysts Warn of Disappointing Returns If 200-Day Average Is Breached
Portfolio Pulse from Piero Cingari
The S&P 500 index is nearing its 200-day moving average, a crucial support level, with just a 2% gap. This level is seen as a last defense against bearish pressure. A breach could signal a significant long-term trend change. Goldman Sachs analysts warn that if this level fails to provide support, S&P 500 returns for the forward 1-, 3-, 6-, and 12-month periods could be significantly below average. The S&P 500 is tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY).
September 28, 2023 | 1:04 pm
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The SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500, could be impacted if the index breaches its 200-day moving average. This could lead to disappointing returns in the short term.
The SPDR S&P 500 ETF Trust (NYSE:SPY) tracks the performance of the S&P 500. If the S&P 500 breaches its 200-day moving average, it could signal a significant trend change and lead to disappointing returns. This would directly impact the performance of SPY.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100