By Rudi Filapek-Vandyck
Are US equity markets now poised to return to the February lows? Many a technical analyst seems to think so after Friday's price action on Wall Street.
Technical analysts at Barclays Capital put it as follows this morning: "The S&P500 failure to overcome the 200-day average (now 1106) and subsequent close below the 1069 (Jun-01low) indicates renewed downside risk in the sessions ahead. Initial targets are seen for a re-test of the 1044 February lows, through which opens 1020/1080 (swing target and 38.2% retracement of the Mar’09/Apr’10 advance)."
Enough said?
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