Chinese chip stocks jump as Beijing reportedly warns against Nvidia’s H20
The S&P 500 index (daily chart) has shown very few recent signs of relenting in its continuously record-breaking achievements within the past several weeks. Having hit yet a new all-time intraday high slightly above its 1800 price target on Monday, the index currently appears rather oblivious to calls for a major correction. The last three pullbacks, beginning in late May, early August, and mid-September, ultimately declined around 7%, 5%, and 5%, respectively, before resuming the long-term bullish trend.
A pullback of at least the magnitude seen previously should be imminent. Even a relatively minor pullback of 5% would bring the S&P down to around the key 1710 support level from its current record high, which would also be around the current level of the accelerated uptrend support line extending back to the 1340 low (November 2012). Even in the near-term event of further record highs above 1800, a pullback at least to the noted rising trend line should be imminent.
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