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U.S. Stocks Have Reached A Critical Line In The Sand. Why The Next Move Could Be A 10% Drop.
The S&P 500 could break below its 200-day average as soon as Thursday. The S&P 500 has reached a precarious crossroads that could open the door to more losses ahead.U.S. stocks were flirting with a critical threshold on Wednesday that, if broken, could portend another 10% drop for the S&P 500, according to one technical analyst.The S&P 500 SPX finished Wednesday at 6,624.70, just a hair north of its 200-day moving average at 6,615.70, FactSet data showed. The Dow Jones Industrial Average DJIA wasn't so lucky; the blue-chip gauge finished below its 200-day moving average for the first time since June. The Nasdaq composite COMP also closed below its 200-day moving average, although the index also finished below the critical trendline on Friday.That leaves U.S. stocks in a precarious position. According to Jonathan Krinsky, BTIG's managing director and chief market technician, this is the third time the S&P 500 has tested the 6,600 level going back to October. If stocks sink on Thursday,
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