The S&P 500 is holding just above a level that some chart-watchers view as critical. A J.P. Morgan strategist says a fall below 7,500 would lead to a dramatic increase in selling pressure and volatility.
The S&P 500's uptrend is still intact, but only barely, after the index reached a record high less than a month ago. The index has been holding just above what some chart-watchers view as a critical level.
However, the stock market has endured back-and-forth trading in recent weeks. Whether the index can build a lasting bounce away from that level, or falls below it, could determine the outlook for the stock market through the end of the year.
A J.P. Morgan strategist says that falling below 7,500 would lead to a dramatic increase in selling pressure and volatility. That could end in a full-blown correction.
Source: MarketWatch (snippet-based)
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