Investors are watching closely to see how the market reacts to the broad index nearing a key level.
Investors are closely watching as the S & P 500 nears a make-or-break level. After a strong start to the year, the broad index gave up some gains during a tough third quarter. The S & P 500 lost 3.7% during the July-September period, snapping a three-quarter winning streak. It has added to those losses in early October, sliding more than 1%. Those declines put it within striking distance of the key 4,200 level, which has investors on edge for a few technical reasons.
What happens next? Kolovos said a pullback starting in July was expected, with many anticipating it would be a benign retreat that would bring the index near its 200-day average. He added that this type of pullback had been more normalized before 1987, but now investors have come to expect serious shocks. After what Kolovos has seen out of the market so far, he expects the S & P 500 to end the year around 4,600.
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