It’s official: The S&P 500 Index has entered correction territory. The gauge plunged 3.8 percent on Thursday, taking its decline since a Jan. 26 record past 10 percent. In the process, it has broken through its 50-day and 100-day moving averages since last week, leaving some technical strategists to target the 200-day marker, which it hasn’t fallen below since after the Brexit vote. The threshold, currently near 2,538, would represent a 12 percent decline from the index’s all-time high set last month.
Source: Bloomberg Pro Terminal
Trader Bozhidar Arabadzhiev
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