Jan. 27 (Bloomberg) -- The Standard & Poor’s 500 Index may extend its decline from the peak of the rally to 9.6 percent if a key support level is breached, according to the head of technical analysis at Mint Equities Ltd.
The S&P 500 closed at 1,092.17 yesterday, 5 percent below the 15-month high of 1,150.23 on Jan. 19. If the benchmark gauge for U.S. equities breaches the level at 1,087 to 1,091, the next support is at 1,040, 4.8 percent below yesterday’s close, according to Mint’s Geoff Wilkinson.
The S&P 500 closed at 1,092.17 yesterday, 5 percent below the 15-month high of 1,150.23 on Jan. 19. If the benchmark gauge for U.S. equities breaches the level at 1,087 to 1,091, the next support is at 1,040, 4.8 percent below yesterday’s close, according to Mint’s Geoff Wilkinson.
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