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Don’t trust the stock-market bounce until S&P 500 is back above 3,800: analysts

U.S. stocks remain in bounce mode after the S&P 500 index tumbled last week to its lowest finish since December 2020, but many chart watchers remain unconvinced the uptick will prove to be anything more than another bear-market rebound. The 3,800 level on the index, which has so far proven to be stiff resistance, is in focus. “Since the beginning of last week, 3,800 has become a new ceiling for the S&P 500 as sellers have repeatedly stepped in and overwhelmed the tentative, weakhanded bids,” said Tom Essaye, founder of Sevens Report Research, in a Thursday note.

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