S&P 500 Breaks Major Level, Warning Investors
Published At: Apr 07, 2024 by
Gareth Soloway
The S&P 500 has broken a major wedge pattern on the daily chart. A break below this wedge means the trend is now vulnerable and may have switched to a downtrend. This wedge stretched back to October of 2023 and has driven the S&P 28% higher.
When wedges are this vertical and break, probability shows us that significant downside can result. This should make investors cautious on the current market conditions.
If the S&P does drop further, a likely targe could 4,820, the former all-time high from 2021.
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