Where Is Support?

Hickey and Walters (Bespoke) submit:

With the S&P 500 pulling back from its highs in recent days, investors are already wondering how low we'll go. From a technical perspective, the first real area of support doesn't come into play until about 946. As shown in the chart below, 946 is where the index's 50-day moving average currently stands, and it was also the index's high level in late May. If the S&P 500 does head down to the 946 support level, it would be a decline of about 3.5% from here.

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