Posted 10/20/2023, 9:15:00 PM
S&P 500 Breaks Below 200-Day Average, Erasing Summer Gains
- S&P 500 index fell below 200-day moving average for first time since March, erasing summer gains
- Index closed at lowest level since June 1, down 2.4% for the week
- Break below moving average seen as bearish signal, but oversold conditions could mean rebound
- Just 18% of stocks above 40-week moving average, a level reached only 10 times since 1987
- More than 65% of S&P 500 stocks below 200-day average, highest in a year
