The benchmark S&P 500 Index ($SPX) is inching lower on Thursday as the intensifying conflict in the Middle East and a resilient Federal Reserve dampens investor confidence. As these macro developments continued to support “risk-off” sentiment, $SPX slid below its 200-day moving average (MA) today, a bearish setup that hasn’t emerged in nearly a year.
Versus its year-to-date high, the S&P 500 index is now trading down nearly 6%.
