By: Patti Domm
Stocks have had some violent swings in both directions this year, but they keep coming back to the same place —and that may be setting up for longer term gains.
At roughly 2,935-2,940, the S&P 500 is revisiting a chart point it’s been at a number of times this year, and also going back to last year.
“That’s a level the market has oscillated around for the better part of the last six months. It initially market the peak from last September, 2018. It seems to be an important level. It marked resistance in May. We broke through it in July, and since then it oscillated above and below. We’re back below it in October,” said Ari Wald, technical analyst at Oppenheimer.