economy

All eyes on the S&P 500 after other indexes slip into correction territory, says NYSE insider Jay Woods

In a weekly video to CNBC PRO subscribers, Woods explained the key levels to watch on the S&P 500 if it falls into a correction.

All eyes on the S&P 500 after other indexes slip into correction territory, says NYSE insider Jay Woods

TL;DR

  • The Dow Jones Industrial Average, Nasdaq Composite, and Russell 2000 have entered correction territory, falling more than 10% from their recent highs.
  • The S&P 500 is currently over 9% below its high and is being closely watched to see if it also enters correction territory.
  • Key levels to watch for the S&P 500 are 6,200 (average correction size) and 6,050 (previous recovery level).
  • Important upcoming events include jobs data (JOLTS, ADP, jobless claims, nonfarm payrolls) and earnings reports from Nike and RH.
  • Geopolitical events in Iran and the Strait of Hormuz remain a primary concern for the market.

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