S&P 500 breaks below key level for first time since March as stocks erase summer gains

S&P 500 erases the last of its gains from a torrid summer advance that peaked in late July

The S&P 500 capped off a busy week for markets on Friday by breaking below its 200-day moving average for the first time in more than six months. It also erased the last of its gains from a torrid summer advance that peaked in late July.

The index has fallen 6.8% from its July 31 closing high, FactSet data show. It remains up 10% year to date. “From my perspective, this market has gotten to be pretty oversold,” said Craig Johnson, chief market technician at Piper Sandler, during a phone interview with MarketWatch.

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