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The S&P 500 index
SPX made several new all-time closing and intraday highs this month — but now is backing off its last high point at 6,450. Federal Reserve Chair Powell is going to make a policy speech on Friday at the Fed’s annual economic symposium in Jackson Hole, Wyo. The market is wary of what he might say, although economic signs point to a September rate cut.
Regardless, the SPX chart is still bullish at this time, with support at 6,260, 6,200, and 6,150. Those support areas are marked with horizontal red lines on the accompanying SPX chart. A close below 6,150 would be very negative for stocks. Conversely, any pullback that holds at or above those levels is another minor correction in the ongoing bull market.
This post was originally published on Market Watch
