Market analysts long believed that the lows for US and world stock indices set on November 20 would have to be “tested” at least once before any strong rally.
That is now happening.
The lowest close for the S&P 500 in November was 752.44, having reached 741.02 intra-day. As this column went to press yesterday, at 1pm in New York, this had hit 751.05. This has once more brought the S&P below its October 2002 low following the internet bubble.
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