The stock market’s retreat from a February peak may be just as short as its dip in November, because the Standard & Poor’s 500 Index is again halting its drop at its weekly “conversion line,” Dahlman Rose & Co. said.
Apple Inc. stock sent its first sell signal since September 2008 based on a Japanese charting technique, suggesting the maker of the iPhone, iPad and iMac may slide 5.1 percent more, according to Dahlman Rose & Co.
The Standard & Poor’s 500 Index fell below its “uptrend line” since August, suggesting the gauge of U.S. equities is more likely to make new lows for the year before reaching new highs, Dahlman Rose & Co. said.
U.S. stocks retreated, sending the Standard & Poor’s 500 Index to the lowest level since January, following an increase in jobless claims, a wider American trade deficit and a slowdown in China’s export growth.
The Standard & Poor’s 500 Index is approaching its first sell signal since 2008 based on a Japanese charting technique, suggesting the market’s losses since July may deepen, according to Dahlman Rose & Co.
The Standard & Poor’s 500 Index recovered most of a 1.2 percent morning slide as Hewlett-Packard Co. led gains in technology shares. Global equities slid, with Japanese shares plunging the most since the aftermath of the Fukushima disaster. Copper sank and the yen rallied.
U.S. stocks retreated, giving benchmark indexes their first back-to-back drops in one month, as a contraction in China manufacturing offset American housing data and investors weighed Federal Reserve stimulus comments.