economy
Many chart analysts don’t trust this stock market comeback. Here's why
"We believe it is too premature to declare victory for the bulls," wrote one market technician.
TL;DR
- The S&P 500 saw its best weekly performance of the year, rising 3.4%.
- Traders are hopeful about a potential end to the U.S.-Iran conflict.
- Many chart analysts advise caution, believing the market may fall further.
- The S&P 500 is approaching its 200-day moving average (DMA), a key technical level.
- Analysts cite a lack of fully oversold conditions and historical data to support concerns about further downside.
- The S&P 500 could potentially fall to 6,000-6,150 if it remains below approximately 6800.
- Concerns remain about oil shocks and their historical impact on the market.