Since Tuesday the S&P 500 has shed about -2% and is now sitting right around 1500. Unless the index can close above 1520 on Friday, the S&P's weekly winning streak will end at 7. This certainly isn't a major pullback, and, frankly, it shouldn't come as a surprise. Stocks simply don't steadily march higher week after week.
But the question is: is this just a small dip before the market resumes its upward trajectory? Or is it the start of a bigger pullback?
There might be some technical support for those in the "buy the dip" camp. As you can see below, the 1500 level (give or take a few points) has provided a floor for the S&P in the recent past:
So will the 1500 level hold up again? Are you buying this dip? Chime in below.
More From Zacks.com
- Personal Investing Ideas & Strategies
- Investment & Company Information