S&P 500 Holds Above 7,500 as Chip ETF Nears Bear Market at 18% Off Peak
Updated
Updated · Business Insider · Jul 20
S&P 500 Holds Above 7,500 as Chip ETF Nears Bear Market at 18% Off Peak
3 articles · Updated · Business Insider · Jul 20
Summary
7,500 has re-emerged as a key S&P 500 support level after dip-buyers pushed the index back above it, with analysts citing a rebound in RSI and intact Bollinger-band trends as signs the broader uptrend still holds.
7,600 is now the near-term recovery target from Kobeissi, while Fundstrat says 7,421 is the make-or-break level that would determine whether the recent tech sell-off remains a rotation the wider market can absorb.
18% declines in the iShares and VanEck semiconductor ETFs from recent highs show where the damage is concentrated, and Piper Sandler warns a break below the 200-day moving average could imply another 20% downside for chip stocks.
20-plus 1% daily swings in the Nasdaq 100 over the last 50 sessions, despite a range of less than 10%, match a volatility pattern that Bespoke says has historically led to negative median six-month returns and weaker 12-month performance.