The Standard & Poor’s 500 Index may rise by year-end to a level seen by technical analysts as a harbinger for a return to the benchmark’s 2007 record, according to Ryan Detrick at Schaeffer’s Investment Research.
For the second time in two sessions, the Standard & Poor’s 500 Index has rebounded after falling below its average price from the past 50 days, a level watched by analysts who make forecasts based on chart patterns.
U.S. stocks fell, pushing the Nasdaq 100 Index to its biggest three-day retreat since 2011 and erasing the year’s gains in the Standard & Poor’s 500 Index, as technology shares extended last week’s selloff.
The Standard & Poor’s 500 Index climbed to a record as consumer and technology shares rallied while Treasuries fell after manufacturing data boosted optimism in the economy. Emerging-market stocks rose and oil tumbled.