S&P 500 Dips Below 100-Day Average as Oil Sees $38 Intraday Swing
The S&P 500 closed below its 100-day moving average for the second straight session, a breakdown last seen on February 27, 2025 that preceded a nearly 20% slide over subsequent weeks. Concurrently, West Texas Intermediate crude futures swung from $119 to under $90 in a historic $38 intraday range.
1. S&P 500 Technical Breakdown
The index fell below its 100-day moving average for a second straight session, marking the first multi-day breach since February 27, 2025. That previous breakdown preceded an almost 20% decline over the following weeks, signaling a potential shift from bullish to bearish momentum.
2. Oil Market Volatility Impact
West Texas Intermediate crude futures surged to $119 per barrel before collapsing below $90 in the same session, producing a historic $38 intraday range. This volatility was fuelled by continued shipping disruptions in the Strait of Hormuz, heightening market uncertainty and posing risks for energy-linked equities.