From MarketBeat:
From FT Alphaville:The broad Standard & Poor’s 500 stock index now rests precariously on its 50-day moving average of about 1050. If stocks do fall through that trend line, it could represent a change in direction from an almost unbroken uptrend seen in the 50-day S&P average since stocks struck their early March lows....MORE
Support the S&P 500
We often get accused of being grave diggers here on FT A-ville. So, at the close of one of the most difficult days for Wall Street in some time (coinciding with the 80th anniversary of the Great Crash of 1929) , let’s try and give US stocks a hand.
Here’s a BarCap chart of the S&P 500 which overlays our experience this year with the performance of stocks back in 1974. Striking, isn’t it? Prices certainly look to have run too far, too fast. A substantial retracement is inevitable before equities can make any further headway:
But wait! Don’t forget all that gorgeous QE. BarCap’s Sreekala Kochugovindan takes up the theme (emphasis ours)>>>MORE